NEW DELHI: The finance ministry has asked the heads of public sector banks to finalise the modalities for timely implementation of the next pay revision from November.There are 21 public sector banks, post merger of six lenders with SBI , in the country. They together employ about 8 lakh people.In a communication to CEOs and MDs of the state-owned banks, the ministry advised them to initiate the steps for smooth conclusion of next wage revision of the employee within the time-frame. "However, it is seen that several banks are yet to proceed in the matter," it said, requesting the PSBs to "look into the matter and conclude the next wage revision prior to the effective date of November 1, 2017".The wage revision of public sector bank employees takes place every five year. The last revision was effected in November 2012. In the last wage negotiation between PSU banks employee unions and bank management, Indian Banks' Association (IBA) had settled at 15 per cent hike.Recently, Banks Board Bureau chief Vinod Rai had made a case that the compensation package across the board of public sector banks needs to be improved.

Source: Economic Times April 09, 2017 07:06 UTC