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Brazil bank employees accept 8% wage hike proposal; Caixa workers in some areas remain on strike

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Brazil bank employees accept 8% wage hike proposal; Caixa workers in some areas remain on strike

The latest settlement offer by Fenaban to raise Brazil's bankemployee wages by 8% in addition to other benefits was approved by the majority of local unions on Oct. 6, puttingan end to the country's longest labor bank strike in 12 years, the national financialworkers union Contraf-CUT said.

The banking federation's proposal included a 3,500 Brazilianreais bonus for 2016 as well as payment for employees during the 31 days of workstoppage. Other benefits included food and child care allowances that were increasedby 10% and 15%, respectively. For 2017, salary increases will be aligned to theinflation index plus 1 percentage point, as part of the deal.

The majority of the unions also approved specific agreementsfor state-run Banco do Brasil S.A.and Caixa Econômica Federal,according to Contraf's news release.

However, Sindicato dos Bancários de São Paulo, Osasco e Região,Brazil's largest banking industry union, said that workers at state-run Caixa rejectedthe proposal in 17 cities and remain on strike, according to an Oct. 6 statement.A new meeting was scheduled for Oct. 7 for further discussions.

As of Oct. 6, US$1 wasequivalent to 3.23 Brazilian reais.