Chennai, Jan 3 (IANS): Unions in the banking sector are hoping for a breakthrough in their wage revision negotiations, said a union official Saturday.

The official said they would consider climbing down from their 23 percent wage hike demand if the management comes up with a better offer than 11 percent and agrees to some of their other demands.

The central chief labour commissioner has called a conciliation meeting Jan 5 between the unions and management body Indian Banks' Association (IBA), he said.

"We are hoping for some breakthrough in the deadlock. We expect the management to come out with a better offer than their present one and also agree to our demands like five-day banking, better pension and others," C.H. Venkatachalam, general secretary, All India Bank Employees' Association (AIEBA), told IANS over phone from Guwahati.

He said the meeting has been called by the labour commissioner at 3 p.m. in New Delhi.

Unions in the banking sector under the umbrella organisation United Forum of Bank Unions (UFBU) have announced a five-day strike this month demanding early resolution of their wage hike negotiations.

The UFBU has decided to go on strike Jan 7 which will be followed by four days of continuous strike Jan 21-24 and an indefinite strike from March 16 onwards.

The UFBU includes AIBEA, National Confederation of Bank Employees, Bank Employees Federation of India, Indian National Bank Employees Federation, Indian National Bank Officers Congress, National Organisation of Bank Workers, All India Bank Officers Association and National Organisation of Bank Officers.