Festival Bonanza for bank staff: Banks to pay one-month advance salary against the payment of arrears

Banks to pay one-month advance salary to employees and officers this month
The IBA letter dated October 1, addressed to member banks of IBA including the private sector, public sector, and foreign banks asked them to pay one month’s salary as advance ahead of Deepavali. As regards to employees who have joined the services of the bank on or after 1st November and up to 31st March 2019 may be paid an amount equal to 15 days’ salary (Basic+DA). The advance will be paid only to the staff members who are still in service.
The above decision was taken by IBA, pending wage revision settlement, an ad-hoc amount; equivalent to one month salary consisting of basic plus dearness allowance may be disbursed to all the permanent employees.
The ongoing wage revision talk between the United Forum of Bank Unions (UFBU)and the Indian Banks Association (IBA) is still inconclusive. The advance to be paid to nearly 14 lakh bank employees during the festive season (ongoing Dussera, Akshaya Thrithiya and Deepavali) will be settled against the payment of arrears following the signing of a wage revision settlement between employees and management of the banks.