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Brazil's banking labor strike continues as workers reject Fenaban's latest offer

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Brazil's banking labor strike continues as workers reject Fenaban's latest offer

Brazil's nationwide banking strike continues as labor unionsrejected the latest wageproposal from banking federation Fenaban on Sept. 28, the national financial workersunion Contraf-CUT said.

In its latest proposal, Fenaban increased its offer for a bonuspayment of 3,500 Brazilian reais, a slight increase from its previous offer of 3,300reais, but kept its salary hike offer unchanged at 7%. Fenaban also proposed a newsalary model that would provide a valid wage agreement for two years instead ofone. Under the model, wage agreements would be adjusted in 2017 to the inflationindex plus 50 basis points.

The unions, however, rejected both proposals, claiming they areinsufficient and represent losses for workers, according to a Sept. 28 news release.Workers are seeking a 14.62% wage increase, among other benefits.

The strike, which entered its 23rd day on Sept. 28, forced 13,254branches, or 57% of the country's branch network to shut down, which representsa record in terms of closed branches, according to the union.

As of Sept. 28, US$1 wasequivalent to 3.25 Brazilian reais.