Bankers get 15% salary hike & two alternate saturdays Off

The Indian Banks’ Association (IBA) on 23rd Feb 2015 concluded the 10th Bipartite Wage Negotiations with Public sector Bank Unions and Associations.

The agreement reached provides for 15 per cent increase in pay slip. The agreement on the wage revision would be implemented with effect from November 1, 2012

As per the agreement reached, the second and fourth Saturdays of every month will be holidays and the remaining Saturdays will be full working days.

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Both sides will work out detailed Bipartite Settlement/ Joint Note within a period of 90 days.

UFBU representing five workmen unions and four officers associations, NUBE and BKSM were parties to Monday’s agreement. The cost for the banks due to the 15 per cent hike that has been agreed works out to Rs.4,725 crore.

After notification by the Reserve Bank of India (RBI), changes in banking hours on Saturdays would come into force, so the new system would take some time.

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