Zee Media Bureau
New Delhi: PSU bank employees' union have decided to withdraw the four day scheduled from February 25 after an agreement with the Indian Banks Association (IBA) on Monday.
The unions had threatened the strike to press wage-hike demand, and if successful, this would have been their fifth strike this fiscal.
In January too, the bank unions had defferred their strike after IBA assured them that their salary issues would be solved by early February. However, with results so far from the association, the employees' union had decided to go on a strike again from January 25.
IBA has offered a 13 percent hike which will put a burden of Rs 4,095 crore on the banks, against the unions' demand of 19.5 percent hike which would increase the salary bill by Rs 10,000 crore per annum.
The twenty-eight public sector banks in the country have a combined employee strength of about eight lakh.
The unions are also demanding a five-day week as in other public sector undertakings and regulated banking hours against the present system of not having defined working hours for officers.
With PTI Inputs
