Wage revision in banks likely next week

The Indian Banks' Association (IBA)and Bank unions are likely to ink the final settlement of the industry-level wage revision on April 27 in Mumbai. The wage revision for the banking industry is due from November 2007.

In November 2009, the UFBU and IBA had agreed for a 17.5 per cent increase in wages under the proposed ninth bipartite settlement, which would span five years until October 2012. It was also agreed to give both existing as well as certain retired employees another chance to opt for pension benefits.

As many as 7.75 lakh employees from 26 public sector, 12 private and eight foreign banks would benefit from the final wage settlement.

Tags: aibea, aiboc, wage settlement of bank employees, wage revision public sector banks, aiboa