Chennai, May 26 (IANS): Unions in the banking sector on Tuesday expressed happiness at the signing of the wage agreement for more than 800,000 employees in government and private-owned banks.

"The agreement has been signed and the wage arrears would be paid in 90 days time," C.H.Venkatachalam, general secretary, All India Bank Employees Association (AIEBA) told IANS on Tuesday.

On Monday, the unions and the Indian Banks' Association (IBA) signed the 10th bipartite settlement.

"The agreement signed between the IBA and Trade Union Organisations of Banking Industry would be effective from Nov 1, 2012, giving rise of 15 percent on pay slip components," said Harvinder Singh, general secretary, All India Bank Officer's Confederation (AIBOC).

Terming the settlement as satisfactory, he said the major gains apart from this are in the form of getting two Saturdays off in a month and medical insurance cover to the employees, including the retirees.

Since AIBOC expressed its dissatisfaction on non-settlement of retirees' issues like dearness allowance neutralisation, pension updation and revision in family pension, the IBA incorporated the issues in the Record Note and assured to resolve the issues at the earliest, Singh added.