<p>The agreement also gives an opportunity to those who had not opted for the pension scheme in 1995 to join the scheme again.<br /><br />“We have signed an agreement today with banks’ unions and according to the new agreement, employees and officers will get a 17.5 per cent hike in salaries with retrospective effect from November 1, 2007,” IBA Deputy Chief Executive K Unnikrishnan said.Almost eight lakh employees in 26 public sector banks, 12 private sector banks and eight foreign banks will be benefited from this new wage agreement.</p>
<p>The agreement also gives an opportunity to those who had not opted for the pension scheme in 1995 to join the scheme again.<br /><br />“We have signed an agreement today with banks’ unions and according to the new agreement, employees and officers will get a 17.5 per cent hike in salaries with retrospective effect from November 1, 2007,” IBA Deputy Chief Executive K Unnikrishnan said.Almost eight lakh employees in 26 public sector banks, 12 private sector banks and eight foreign banks will be benefited from this new wage agreement.</p>