IBA signs pact with Unions; settles for 15% wage hike
After hectic negotiations, the Indian Banks’ Association has hammered a deal with bank unions and settled for 15% hike in wages and agreed for two more holidays per month, second and fourth Saturdays. As a result, bank branches will be closed on the two Saturdays.
All the other Saturdays will be full working days.
“The Indian Banks’ Association is pleased to announce conclusion of 10th Bipartite Wage Negotiations with Bank Unions and Associations to be effective from November 1, 2012. The agreement reached at IBA today, provides for 15% increase in pay slip,” TM Bhasin, chairman, IBA and chairman and managing director, Indian Bank said in a statement.
“As per the agreement reached, the 2nd and 4th Saturdays of every month will be holidays and the remaining Saturdays will be full working days,” the statement added.
The details of the bipartite settlement will be worked out in the next 90 days.
Following the agreement, the unions have called off the 4 day strike which was scheduled to start from today.