The core committee constituted by the Indian Banks Association (IBA) to calculate the modalities involved in the proposed nationwide pay revision is likely to give its report within 90 days.
Banks and staff unions had settled on a 17.5 per cent salary hike, to benefit about 702,000 public sector employees, besides agreeing to make 332,000 serving and retired employees eligible for pension.
In an interaction with Business Standard, Union Bank of India’s chairman & managing director, M V Nair, also the chairman of IBA, said he expected the report in three months.
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