IBA, bank unions reach pact for 15% pay hike

Mumbai, November 11

The Indian Banks’ Association (IBA) on Wednesday announced the conclusion of the 11th Bipartite Wage Negotiations with bank unions and officers’ associations. After three years of intense negotiations, the bank employees’ unions and the IBA, on July 22, had entered into an MoU for an annual wage hike of 15%.

“The IBA is pleased to announce the conclusion of 11th Bipartite Wage Negotiations with bank unions and associations to be effective from November 1, 2017. The agreement reached today, provides for a 15% increase in pay slip,” IBA chief executive Sunil Mehta said.

A detailed bipartite settlementhas been signed with United Forum of Bank Unions, representing four Workmen Unions and four Officers’ Associations and also Bank Karamchari Sena Mahasangh, the statement said. — PTI