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  • The 15 per cent hike in wages would be for a period of five years starting November 1, 2017.

  • A detailed bipartite settlement or joint note has been signed with UFBU and also BKSM (Bank Karamchari Sena Mahasangh), who were parties to the agreement.*About 37 banks, including public, private and foreign banks, have mandated the IBA to negotiate with unions on wage hikes for employees.*Almost 3.79 lakh officers of public sector banks and close to 5 lakh bank employees of public sector banks, old-generation private banks and foreign banks would get the benefit of the wage hike.

  • The new wage revision would entail an additional yearly outgo of Rs 7,898 crore for the banks.


    Wednesday ushered in good news for over 68,000 bankers of all Public sector banks, 9 private sector and 7 foreign banks, including 7000 working in the city. Following the wage agreement inked during the day in Mumbai wages of every banking staff and officer will go up by 15%.

    The 11th bilateral agreement for 10 lakh bankers was signed between the representative of Indian Banks Association and the United Forum of Bank Unions in Mumbai on Wednesday.

    As per the agreement there will be 15% increase, including 10.5% in salary and 4.4% in perks, in the salary bill of the banking staff. The
    demand of this regard was pending from last 3 years. Mohan Krishna Shukla, MP State convenor of United Forum of Bank
    Employees, informed that this agreement will be applicable to all 13 public sector banks including IDBI and 8 recently merged banks,
    besides 9 private sector banks and 7 foreign banks employees. As per the agreement, in addition to salary increases, bankers will also be
    paid performance linked incentives. Family pension will be increased by 30%. Further action will be taken
    regarding the five-day banking and pension updating. In addition, there are some new benefits like annual encashment of earned leave.
    Other service conditions have also been improved.

This agreement will come into effect from November 2017. The bankers will be getting the increased salary from next December 1. Implementation will incur
an additional burden of Rs 7898 crore per annum on the banks, which has been provisioned.

Following this, bankers of the city gathered at the main branch premises of Bank of Maharashtra on Jail Road and hailed the decision. On thisoccasion, senior bank functionaries Alok Khare, MK Shukla, Sachin Gokhale, Naveen Kulshreshtha, US Verma. Naveen Dhodpkar, Naveen Modi etc. highlighted the features of the agreement.

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