Four unions in the banking sector on Wednesday jointly announced that their three year wage talks finally resulted in a written agreement with Indian Banks' Association (IBA).

In a joint circular issued to their members the four unions – All India Bank Employees' Association (AIBEA), National Confederation Bank Employees (NCBE), National Organisation of Bank Workers (NOBW) and Indian National Bank Employees Federation (INBEF) said the 11th Bipartite Settlement on revision of wages and improvement in service conditions of bank employees has been signed today (Wednesday) with IBA at Mumbai.

According to the unions, the increase in the wage bill will be about Rs 3,385 crore for the 29 banks covered — 12 public sector, 10 private and seven foreign banks — benefitting about five lakh bankers.

The agreement period will be November 2017 to Oct 2022.

The unions said the unique aspect of the agreement is the uniform basic, dearness allowance, house rent allowance, special allowance, transport allowance across the country for the bankers..