Pay public sector bankers well, and give them a break on Saturdays

If we want public sector banks to compete with their private peers, they should get competitive compensation, linked to performance

Media reports say the government has asked the premier bankers’ body, Indian Banks’ Association (IBA), to initiate the process of negotiations for the 12th bipartite wage settlement for bank employees and finalise it by December 1. The wage revision for the employees of public sector banks (PSBs) is due from November 1, 2022.

The 11th bipartite wage negotiations, concluded in 2020 after three years of intense discussions between the IBA and the bank employees’ unions, agreed upon a 15 per cent wage revision. For the clerical staff, called workmen, this translated into an annual outgo of Rs 3,385 crore for