The government has asked the Indian Banks' Association (IBA) to initiate the process of negotiations for the 12th Bi-partite settlement in a time-bound manner and to finalise it by December 1, 2023, said a senior official.
The wage revision for employees and officers of the public sector banks is due from November 1, 2022.
The early wage revision would help improve working conditions and incentivise the banking sector employees, the official said.
Further, the official said, the finance ministry has asked IBA to ensure that all future wage negotiations should be finalised before the beginning of the subsequent period so that the wage revision could be implemented from the due date itself.
