PSBs Wage Revision: Finance Ministry Urges Swift Action
Banking executives in a focused discussion regarding wage revisions.
Key Highlights
Finance Ministry directs Public Sector Banks to expedite wage revision talks, aiming for a 12-month settlement effective from November 1, 2027.
The Finance Ministry has called on Sector Banks (PSBs) to expedite the wage revision process for their employees and officers. This directive emphasizes the need to commence and conclude negotiations for the 13th Bi-partite settlement within the next 12 months.
The impending wage revision is scheduled to take effect from November 1, 2027. The government’s instruction underscores the importance of a timely resolution to ensure the maintenance of industrial harmony within the banking sector.
The Finance Ministry’s proactive approach aims to streamline the negotiation process, facilitating a smooth transition and preventing potential disruptions related to wage adjustments in the Public Sector Banks.