Banks stump unions, to pay part wage arrears at 12% hike

It’s a Diwali bonanza for public sector bank (PSB) employees. Their accounts are being credited with part wage arrears even before the final agreement on the wage revision between the unions and the management.

It’s happening for the first time in India’s banking history.

“The employees can opt-out or take the part arrear payments. If they take the part arrear, the amount credited will not be less than Rs 50,000 and may even exceed Rs 1,00,000,” a PSB employee told.

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