State Bank of India (SBI), the country’s largest lender, reported a 35% decline in its net income for the December quarter, citing a one-time expenditure toward increased salaries and pensions. The bank attributed the fall in profit to an additional provision of INR 7,100 crore ($950 million) made in the reporting quarter towards salaries and pensions arising out of the 17% wage hike settlement reached with employee unions in November last year. SBI Chairman Dinesh Kumar Khara stated that the pension burden will reach around INR 26,000 crore ($3.5 billion) by March 2023 due to the wage hike settlement.
State Bank of India Expects Pension Burden to Reach Rs 26,000 Crore by March 2023
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