According to an ET report, the United Forum of Bank Unions, an alliance of bank employee unions, has written to Finance Minister Nirmala Sitharaman to allow a 5-day work week for the banking sector. The Bank Employees Union also assured that there will be no cut in banking hours for customers or in the total working hours of employees and officers.

Know what is the demand

The union has urged the Finance Minister to review the matter favorably and direct the Indian Banks Association (IBA) accordingly, the ET report said. At present bank branches remain closed on second and fourth Saturdays.

Bank unions have been demanding holidays on all Saturdays and Sundays since 2015. Under the 10th bilateral agreement signed in 2015, the RBI and the government agreed with the IBA and declared the second and fourth Saturdays as holidays.

Salary will also increase

In terms of salaries, the IBA and bank employee unions had last year reached an agreement for a 17 per cent salary hike across all public sector banks (PSBs) in India, amounting to Rs 12,449 crore. If the salary hike is approved by the Centre, If implemented, around 9 lakh employees including 3.8 lakh officers in all PSBs and select old generation private banks will benefit.

According to a TOI report, the MoU signed by the IBA and bank employee unions following talks on December 7, 2023, included a commitment to finalize the wage revision within 180 days.

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The post Bank Employees Salary Hike : Government will give bank employees two days leave a week and increase salary, report first appeared on Rightsofemployees.com.

7th Pay Commission Fitment Factor update:  There is great news once again for the central employees. The government can take a decision on the fitment factor next month. This will increase the minimum basic salary of the employees. A draft will be prepared for this, which will be shared with the government. Union has given a big update. If this is agreed with the government, then the basic salary of more than 52 lakh central employees can be increased under the fitment factor.

Fitment Factor update

It is worth noting that the government has recently increased the dearness allowance and dearness relief to the employees. After this, the employees will get the benefit of increased dearness allowance and dearness relief from July. Now if there is a change in this, the minimum basic salary of the employees will increase. As soon as there is a change in the fitment factor, its effect will be visible on the entire salary of the employees. It is expected that a meeting can be held by next month regarding the fitment factor. Government employees have been demanding for a long time to increase the fitment factor.

important role in salary 

At present, the fitment factor is being given to the central employees at the rate of 2.57 percent, which can be increased to 3.68 times. Let us tell you that the fitment factor plays an important role in deciding the salary of central employees. Change in fitment factor means it will affect your salary as well. Actually, on the basis of this, the basic salary of the employees is increased.

Basic salary was increased in 2017

It is worth noting that on increasing the fitment factor from 2.57 to 3.68, the minimum basic salary will increase from 18 thousand to 26 thousand rupees. Earlier in 2017, the basic salary of entry level employees was increased by the government. But after that no change was made in it. At present, central employees get Rs 18 thousand as minimum salary, while maximum salary is Rs 56,900.

View Calculations

If the government makes the fitment factor 3 times, then the salary of the employees excluding allowances will be 18,000 X 2.57 = Rs 46,260. At the same time, if the demand of the employees is accepted, then the salary will be 26000X3.68 = Rs 95,680. Salary will be 21000X3 = Rs 63,000 on 3 times fitment factor. 

The post 7th Pay Commission: Good news for central employees, big update on fitment factor! 49,420 will increase salary first appeared on Rightsofemployees.com.