Wage pact: Bankers will get 15% hike, arrears likely in next salary

Move will push wage bill up by about Rs 7,900 cr a year; wage agreement is for the period November 2017 to October 2022

Bank unions and the Indian Banks’ Association (IBA) signed a bipartite wage agreement on Wednesday, giving bank employees 15 per cent hike and pushing up the wage bill by Rs 7,900 crore per year. 

Of this, Rs 3,385 crore is for non-officers; the rest for officers. The wage agreement is for the period between November 2017 and October 2022.

Bank employees can expect to get their arrears before Diwali, but no official communication has been issued yet.  

“All accumulated increments during this period shall be released with effect from November 11," said a statement issued by the officers’ union.  

A statement issued by the