The revision, applicable with retrospectively with effect from November 1, 2012, will benefit employees and officers in 43 banks including public sector banks, old private sector banks and a few foreign banks. The 15 percent hike would come come at a cost of Rs. 4,725 crore.

“The 15 percent wage revision would cost banks Rs. 4,725 crore as incremental salary and allowances in a year. If superannuation cost is included, then the total burden would be around Rs. 8,370 crore,” IBA Chairman T.M. Bhasin told reporters.

As a prudent measure, banks have been making provision for wage hike for last few years. For officers, the pay has been revised from existing range of Rs. 14,500 – Rs. 52,000 to Rs. 23,700 – Rs. 85,000.

A special allowance for officers ranging from 7.75-11 percent of basic pay along with applicable dearness allowance has been introduced.

The scale of pay of workmen and non-subordinate staff has been revised from Rs. 7,200 - Rs. 19,300 to Rs. 11,765 – Rs. 31,540 while the scale of pay of subordinate staff from Rs. 5,850 – Rs. 11,350 to Rs. 9,560 – Rs. 18,545.

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