Bank Employees to get 15% wage hike

The Indian Banks’ Association (IBA) and the United Forum of Bank Unions (UFBU)  signed an agreement for 15 per cent wage hike for bank employees, said a leader of major bank union on Wednesday.

“We are happy to state that in the meeting between the IBA and the UFBU at Mumbai, a broad understanding has been reached and a Memorandum of Understanding (MoU) was signed,” said  All India Bank Employees’ Association (AIBEA) General Secretary C.H. Venkatachalam.

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The annual wage increase in salary and allowances is agreed at 15 per cent of the wage bill as on March 31, 2017 which works out to Rs 7,898 crore on pay slip components.

The bank’s contribution to National Pension Scheme will be increased to 14 per cent from 10 per cent.