The Indian Banks’ Association’s (IBA) revised offer to raise bank employee wages by 6%, from the 2% proposed earlier, was rejected by bank unions.

The unions have been demanding a 25% increase. However, the unions have agreed to fresh talks on the issue by the end of August.

“IBA improved the offer from 2% to 6%. UFBU has rejected the offer but has agreed to continue to negotiate,” United Forum of Bank Unions convener for Maharashtra, Devidas Tuljapurkar, said after the 13th round of wage negotiations with IBA on Monday.

UFBU is the the umbrella body for nine trade unions.

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