The 15% increase in salaries agreed to on Monday between the bank
unions and the Indian Banks’ Association (IBA) amounts to an annual
increase of R4,725 crore primarily for public sector banks.
Several banks among them Central Bank of India, Andhra Bank, Indian Bank, United Bank, Dena Bank and Punjab and Sind Bank have provided for increases of close to 12.5% and were understandably against the hike. State Bank of India (SBI) and its associates have been providing for increases of 15%, Union Bank at 14% and Bank of India at 15% every quarter since Q3FY13.
The hike will be effective from November 1, 2012, when the last five-year bi-partite agreement expired and will benefit eight lakh employees.
Several banks among them Central Bank of India, Andhra Bank, Indian Bank, United Bank, Dena Bank and Punjab and Sind Bank have provided for increases of close to 12.5% and were understandably against the hike. State Bank of India (SBI) and its associates have been providing for increases of 15%, Union Bank at 14% and Bank of India at 15% every quarter since Q3FY13.
The hike will be effective from November 1, 2012, when the last five-year bi-partite agreement expired and will benefit eight lakh employees.
