SME Times is powered by   
Search News
Just in:   • Our expertise can help India achieve 500 GW renewable energy goal by 2030: Pedro Sanchez  • Israel's UNRWA ban sparks global concern, gets strong backing at home  • Rahul, Priyanka express anguish over Kerala temple fireworks accident  • India bucks global trend, VC investment remains robust at $3.6 bn in July-Sep  • Chandrababu Naidu discusses investment opportunities with Adani Group 
Last updated: 27 Sep, 2014  

Employee.Thmb.jpg Bank employees get pay hike by 17.5 pc

Bank Logo generic
   Top Stories
» Our expertise can help India achieve 500 GW renewable energy goal by 2030: Pedro Sanchez
» Israel's UNRWA ban sparks global concern, gets strong backing at home
» India bucks global trend, VC investment remains robust at $3.6 bn in July-Sep
» Chandrababu Naidu discusses investment opportunities with Adani Group
» Premium FMCG brands see growth surge in India, constitute 50 pc of e-commerce sales
SME Times News Bureau | 28 Apr, 2010
Employees' unions and the Indian Banks Association (IBA) Tuesday signed here a five-year wage agreement providing for a 17.5 percent hike in pay from 2007 to around 775,000 staffers of 46 banks whose annual wage bill will go up by Rs.5,200.

"We are satisfied with the wage agreement that is effective from 2007. The new settlement apart from increasing the wages for clerical grades and officers would also provide the employees one more option to join the pension scheme," said C.H. Venkatachalam, convenor, United Forum for Bank Unions.

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.

Venkatachalam said the new wage agreement will benefit around 775,000 bankers across the country.

With this agreement, the total wage bill of 26 state-owned banks, 12 private banks and eight foreign banks per year will go up by Rs.5,200 crore.

For a long time, both the parties - employees unions and the IBA - have been negotiating the wage settlement.

Public sector insurance companies are now expected to conclude wage talks with the unions after the wage settlement in the banks.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
84.35
82.60
UK Pound
106.35
102.90
Euro
92.50
89.35
Japanese Yen 55.05 53.40
As on 12 Oct, 2024
  Daily Poll
Will the new MSME credit assessment model simplify financing?
 Yes
 No
 Can't say
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter