After a long period of hectic discussions, the United Forum of Bank Unions(UFBU) and the Indian Bankers Associations (IBA) have signed the wage agreement, with 15% salary increase, which will be effective from 1st November 2012. It is a Five Year agreement as usual in the Banks. More than 10 lakh employees in the Bank will benefit out of the agreement. It is stated that including the superannuation benefits, the additional expenditure will come to about Rs. 8,370 crore per annum.

The lowest pay scale will increase from the present Rs. 5850 – 11,350 to Rs. 9,560 to Rs. 18,545 as  reported in the press.

Second and fourth Saturdays will be holiday.

We congratulate the Bank workers and their united organisation UFBU for the new wage revision!