Indian Banks' Association and bank employee unions agreed on a 17% annual wage hike, costing public sector banks an additional Rs 8,284 crore yearly. The hike, effective from Nov 2022, benefits 8 lakh employees. Saturdays will now be holidays, pending govt notification. The new working hours will also be effective after govt notification. The wage settlement includes allowing women employees one sick leave per month without a medical certificate and encashing accumulated privilege leave up to 255 days upon retirement.
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