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Bank staff end strike after pact on 15 per cent wage hike

Public sector bank (PSB) employee unions withdrew their call for a four-day nationwide strike as the management agreed to give them 15-per cent wage hike, which will entail an additional expenditure ofRs.4,725 crore annually.

The Indian Banks Association (IBA) also conceded to their demand for a holiday on the second and fourth Saturdays. The banks will work full day on remaining Saturdays instead of half-days.
"In today's talks with Indian Banks Association (IBA), wage revision has been settled at 15 per cent with effect from November 2012," United Forum of Bank Unions convener M.V. Murali told news agency PTI. The cost of medical schemes and the cost of superannuation is being separately worked out, he added.

The wage revision would benefit about 8.5 lakh employees and officers in 45 PSBs. The wage revision in PSBs is undertaken every five years.At a meeting in Mumbai, PSB employee unions and IBA agreed on the wage hike and entered into a memorandum of understanding. "The IBA is pleased to announce conclusion of the 10th bipartite wage negotiations with bank unions and associations to be effective from November 2012. The agreement reached provides for 15-per cent increase in pay," IBA chairman T.M. Bhasin said.

The unions had threatened to go on a four-day strike from February 25 demanding 19-per cent hike in wages. The Reserve Bank of India (RBI) would be informed about changes in working hours on Saturdays after the agreement is formally signed. Subsequently, the RBI would issue a notification for change in banking hours on Saturdays to come into force, All India Bank Employees Association general secretary C.H. Venkatachalam said.

SORCE: INDIA TODAY

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