The wage hike will be applicable to nearly 10 lakh employees in public sector banks, old generation private sector banks and some foreign banks.
With this wage pact, IBA has averted the bank strike that the trade unions had called from February 25
Trade unions finally managed to get a good deal -- a 15 per cent hike in wages coupled with second and fourth Saturday off -- from bank managements after protracted negotiations.
Though bank employees have got second and fourth Saturday off, they will have to work full day on the first and third Saturdays.
The wage hike will be applicable to nearly 10 lakh employees in public sector banks, old generation private sector banks and some foreign banks.
The wage revision negotiations had been going on for more than two years. With the settlement, the Indian Banks' Association has averted a four-day strike, which trade unions had called from February 25.