......Vide Circular No 7 dated 22/04/2013, UFBU informed the cadre that a meeting with IBA has taken place wherein IBA informed that the total establishment expenditure / wage bill of the public sector banks as on 31/03/2012 is Rs 56,292 crores which will be the basis of negotiations. Thus, assuming that UFBU is able to extract 20% wage hike, the total benefit to workmen and officers will be Rs 11258 crores or about Rs 1,000 crores per month. Considering that the rate of interest on FDs for staff is around 9%, the bankers are losing Rs 90 crores per month in the shape of interest alone.............
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