Mumbai, May 22: Employees of public sector banks, old generation private sector banks and some foreign banks will be a happy lot as they will soon get 15 per cent pay hike, arrears for the last 30 months, and other benefits as part of a deal that the unions and bank managements have reached.
Unions, under the aegis of the United Forum of Bank Unions, and bank managements, represented by the Indian Banks’ Association, have worked out a detailed Bipartite Settlement/ Joint Note and the same will be formalised on May 25.
The benefits that about 7.50 lakh bank employees stand to get are a special pay, a new hospitalisation scheme backed up by insurance and holiday on every second and fourth Saturday in a month.
The back wages (arrears) that bank employees will get for the last 30 months will warm the cockles of their heart. Income tax authorities too will be happy as arrears will be taxable.