State Bank employees to get more benefit & pay hike, awaits Govt. approval.
The State Bank of India employees, who had protested the 17.5 per cent pay increase on the grounds that they already had the pension option and would therefore lose out, are in for some bonanza.
The bank management is awaiting approval from the government to provide for an additional 6.4 per cent increase, which will cost the bank around Rs 290 crore. In addition, there is a proposal before the government for raising the pension for senior officers by around 40 per cent and for clerical and junior management grade employees by around 50 per cent.
A senior executive said the bank had already provided Rs 290 crore for the expected impact of the salary increase. SBI union representatives had not signed the wage settlement agreement with IBA.