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Fenaban ups wage hike offer to end Brazil’s longest bank labor strike in 12 years

In an effort to put an end to Brazil's longest labor bank strike in 12 years, banking federationFenaban has improved its offerand has proposed an 8% wage hike instead of 7% in addition to a 3,500 Brazilianreais bonus for 2016, the national financial workers union Contraf-CUT said.

Fenaban also increased its 2017 wage hike proposal to the inflationindex plus 1 percentage point, an increase from its original offer of 50 basis points.

In addition, the union said it was able to negotiate pay foremployees during work stoppage. According to Contraf-CUT chief Roberto von der Osten,this year's negotiations were "an unprecedented victory," especially inlight of Brazil's tough economic and political situation.

The unions' leadership will recommend approval of the proposalin meetings that are being held Oct. 6 by local unions across the country, Contrafsaid.

In the preceding days, the labor strike had shuttered 13,123branches, which accounted for 55% of the country's branch count.

As of Oct. 5, US$1 wasequivalent to 3.23 Brazilian reais.