Bank staff unions, IBA agree on 15% hike in salary, allowances of 37 lenders
PTI, Jul 23, 2020, 10:00 AM IST
New Delhi: Bank employees’ unions and the Indian Banks’ Association (IBA) have reached an agreement for a 15 per cent annual hike in wages, a move that will result in an additional yearly outgo of nearly Rs 7,900 crore by lenders.
The decision was taken at a meeting held between the IBA representing managements of banks, and members of the United Forum of Bank Unions (UFBU) representing workmen unions and officers’ association.
The wage revision would be effective from November 2017, according to the agreement signed by bank unions and the IBA.
The annual wage increase in salary and allowances has been agreed at 15 per cent of the wage bill as on March 31, 2017, which works out to be Rs 7,898 crore on payslip components, as per the agreement.
Close to 37 banks, including public, private and foreign banks, have mandated the IBA to decide on wage hikes for their employees.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Alphabet gets CCI’s clearance to acquire stake in Flipkart
Essar Group co-founder Shashi Ruia dies at 80
Sensex, Nifty climb in early trade amid fresh foreign fund inflows
RBI Governor Shaktikanta Das hospitalised
Sensex reclaims 80k mark; Nifty surges over 1% after BJP-led Mahayuti’s win in Maharashtra
MUST WATCH
Latest Additions
Alphabet gets CCI’s clearance to acquire stake in Flipkart
‘COVID was different’: SC bemoans distribution of free ration
Telugu actor Shri Tej booked for alleged cheating, false marriage promise
Five arrested in connection with botched angioplasty deaths at Gujarat hospital
Deceased Kannur official’s widow moves Kerala HC for CBI probe into his death
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.