New Delhi: In the crisis of Corona epidemic, where the salaries of the employees are decreasing in all the areas, there is good news for the employees of public banks. It has been decided to increase the salary of employees of public banks by 15 percent. Along with this, employees will also be given Performance-Based Incentive (PLI). This increase will be applicable only from 1 November 2017.

The increase from November 2017 means that bank employees will also get good money as arrears. The increase in the salary of public banks was pending for almost three years. The 11th round of negotiations in this regard between the bank unions and the Indian Banks Association (IBA) ended on Wednesday and an agreement was reached. According to Bloomberg, the salary of employees will be increased by 15 percent as of March 31, 2017. This will put an additional burden of about Rs 7,988 crore on banks.

Earlier in the year 2012, the IBA had increased the salary of employees by 15 percent. Now, (for a period of five years from 2017 to 2022), the bank unions had mainly raised the demand for a 20 per cent wage hike, while the IBA had initially offered a 12.25 per cent increase at 12.25 per cent. After which talks were going on in the management and employees union of banks for almost 2 years on this issue.

Mukesh Ambani becomes world's 5th richest man

Stock market closed with fall, Axis Bank shares rose

Gold prices rise by Rs 430, demand for silver also increases