The Indian Banks’ Association signed the 10th bipartite agreement with five employee unions in Mumbai on Monday.

The signatories included eight representatives on behalf of 43 member banks and 56 workmen representatives on behalf of five bank unions - AIBEA, NCBE, BEFI, NOBW and INBEF.

With this, bankers will receive a 15 per cent hike in their salary slip component and would translate into an increase of Rs.2,270 crore – the salary slip component of establishment expenses of public sector banks which are parties to this settlement for FY12.

The new salary of pay would be constructed, after the merging dearness allowance corresponding to 4440 points and with a loading of about two per cent. As per the agreement, bankers will have a holiday on every every second and fourth Saturday of the month and the other Saturdays would be full working days.

The bank unions had submitted a charter of demands to the IBA in October 2012 for revising the wages and service conditions of bankers requesting for negotiations. IBA had on its part raised issues related to improving the efficiency of bank operations.

All other issues of the management and workmen unions discussed during the process of negotiations would be settled to their mutual satisfaction. The parties had signed and exchanged minutes in this regard on February 23, 2015 in Mumbai.