Pay hike for banks’ staff

Indian Banks’ Association (IBA) and bank unions on Tuesday signed a long-pending agreement on pay revision, which gives a 17.5 per cent hike in salaries to bank employees and officers, besides an option for pension for those who did not opt for it earlier.

Indian Banks’ Association (IBA) and bank unions on Tuesday signed a long-pending agreement on pay revision, which gives a 17.5 per cent hike in salaries to bank employees and officers, besides an option for pension for those who did not opt for it earlier.

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The settlement covers 26 public sector banks, 12 private banks and 8 foreign banks and would benefit 477,000 workmen employees and 275,000 officers.

Under the agreement, the pay-scale of officers stand between Rs 14,500 and Rs 52,000, for clerical staff at between Rs 6,200 and Rs 23,900 and for subordinate staff between Rs 5,500 and Rs 13,800. The settlement will be effective from November 2007 to October 2012.