10 Lakh Bank Employees to get 15% Pay Hike

New Delhi, May 26: Bank employees will age a 15 per cent hike in their salaries. The Indian Banks Association (IBA) singed a wage agreement with the employee union and bank officers’ association on Monday. Around 10 lakh bank employees of 43 banks including public sector banks are going to get the hike in their salaries.

The wage revision would be applicable with retrospectively with effect from November 1, 2012. Chairman of IBA, T. M. Bhasin told media that the 15 per cent wage revision would cost banks around Rs 4,725 crore per year and the cost would go up to Rs 8,370 crore if the superannuation cost is included.

Besides this, the bank employee will soon now get holidays on second and fourth Saturdays, upon getting approval from the Reserve Bank of India, to which the association appealed.