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This is an archive article published on May 14, 2005

IBA finalises eighth wage settlement

IBA has finalised the eighth bipartite wage pact in the banking industry on Friday. The details of the negotiation was finalised at a meetin...

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IBA has finalised the eighth bipartite wage pact in the banking industry on Friday. The details of the negotiation was finalised at a meeting between IBA and United Forum of Banking Unions (UFBU). It has agreed to pay pension at 50 pc of the last basic pay to employees. IBA has also agreed to pay pension at the same rate to officers and staff who retired during the the seventh bipartite negotiation tenure. But they will get the pension only from the prospective date and hence will not be entitled to any arrears.

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