If you are a Public Sector Banker and rejoicing the 15% hike in your salary under 11th BPS, and planned the various expenditures, let me enlightened you that the actual hike on your payslip is mere 2.50% and not 15%.
I am even looking after those media houses also which were showing the news as "JUMBO PAY HIKE FOR BANK EMPLOYEES".
The best part is that the hike is being agreed by the own representatives of the Bankers and not imposed on them by the IBA or Government.
This is the reward for the hard work of the financial army of the government.
Now, understand the mathematics of the 15% hike !
Though the Banker’s Union agreed on the settlement with overall 15% pay hike the actual hike in term of basic pay & DA will be mere 2.50%.
The remaining amount will be distributed among the non cash components like CCA, Medical Aid, HRA etc. The overall cost has been capped as 7898 Crores.
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11th Bipartite