More pay for Bank employees in 11th BPS Settlement!
Whether it is contemplated to grant a pay scale to bank employees better than Central Government employees in forthcoming 11th Bipartite Settlement and the details thereof?
This type of questions asked by the Honble Member Shri Mahendra Singh Mahra in Rajya Sabha on 14th March 2017. The Government replied to this question and is given below for your information…
Higher responsibilities better pay scale to bank employees
There was overall, a widespread appreciation of hard work put in by Bank employees consequent upon withdrawal of legal tender status of currency notes of specified denominations.
Within the larger Governmental framework, banks report financial intelligence to enforcement agencies to check money laundering, terrorism financing and other economic offences. Banks maintain and examine records of high-value cash transactions above a specified threshold as well as suspicious transactions.
Wages in Public Sector Banks (PSBs) are decided at industry level every five years by a bipartite negotiation process. Compensation issues of employees of PSBs are agreed upon through this process.