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No bank strike: Bank employees to get 15% increase in their salaries
Posted on: 26/Feb/2015 12:52:21 PM
The employees’ unions have called off the four-day strike, which was supposed to start on February 25. Now the bank employees of public sector banks will get a 15 per cent wage hike and two additional holidays a month as part of an industry-wide wage settlement.
The proposed hike in salaries will amount to a collective outgo of ₹4,725 crore per year for the 45 banks that are part of the 10th industry-wide bipartite five-year wage (2012-2017) settlement exercise.
Almost 8.50 lakh employees in the banking sector – all public sector banks, some old generation private sector banks and a few foreign banks – are expected to benefit from the wage settlement. The revised salary will be implemented with retrospective effect from November 1, 2012.
Under the terms agreed on Monday, banks will remain closed on the second and fourth Saturday. Other Saturdays will be full working days.
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