The ninth bipartite wage revision agreement was signed between six workmen unions, four officers" associations and IBA on Tuesday, Apr 28.
With this, about 7.5 lakh bank employees and officers of 26 nationalised banks, 12 private sector banks and eight foreign banks will be enjoying 17.5 per cent increase in their wages, effective from Nov 1, 2007.
However, for the lower level employees the hike will be marginal.
The basic pay of officers at the entry level will be between Rs 14,500 and Rs 52,000 per month as against the floor of Rs 10,000, IBA said in a statement.
The basic pay for clerical staff will range between Rs 6,200 and Rs 23,900 while subordinate staff will get between Rs 5,500 and Rs 13,800 per month.
The accord also gives the choice to employees and officers covered by the provident fund scheme to join the pension scheme. This also means that over 50,000 retirees could choice to join the pension scheme.
Besides this, a contributory retirement benefit scheme introduced for employees of the central government with effect from Jan 2004 will be introduced for the employees, including officers and workmen, joining the services of banks on or after Apr 1, 2010, the IBA informed in its statement.