Bank Employees Get Salary Raise After Three Years Of Hectic Negotiations

The speculation of negotiations over salary hike in the history of banking services ended today after talks between Indian Banks’ Association (IBA) and United Forum of Bank Union (UFBU) concluded this evening when a compromise was reached on a 15% wage increase and the total wage increase is proposed to be around 22 percent. The round of negotiations between IBA and UFBU had been going on since May 2017 and salary hike is expected to come into force from 1st November 2017.

An agreement on 5-day banking has not been reached so far and the same is said not to be mentioned in today’s agreement. Therefore, doubt on the 5-day banking week remains to be a suspense till the final draft of the agreement comes out. This final draft is expected to be out tomorrow (Thursday)

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