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The decision was taken at a meeting held between the IBA representing managements of banks, and members of the United Forum of Bank Unions (UFBU) representing workmen unions and officers’ association.
The wage revision would be effective from November 2017, according to the agreement signed by bank unions and the IBA.
The annual wage increase in salary and allowances has been agreed at 15 per cent of the wage bill as on March 31, 2017, which works out to be Rs 7,898 crore on payslip components, as per the agreement.
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