Nine bank unions and the Indian Bank Association (IBA) has signed a memorandum of understanding (MoU) on 15 per cent wage hike.
The total annual wage rise will work out to be Rs 4,725 crore, a release issued by IBA said.
“Wage revision has been settled at 15 per cent with effect from November 2012,” United Forum of Bank Unions (UFBU) Convener MV Murali said. “The cost of medical, hospitalisation scheme and on other items and the cost of superannuation, namely PF/Gratuity/ pension is being separately worked out,” he added.
The wage revision would benefit about 8.5 lakh employees and officers in 45 banks, including old generation private sector banks and a few foreign lenders.
The previous revision was agreed upon in 2007.
