Brazil bank workers accept pay proposal, end strike

Rogerio Jelmayer – Dow Jones/Wall Street Journal, 10/18/2011

A union representing bank employees in Brazil Tuesday said it has called off a strike that reached its 21st day Monday after it accepted a wage-hike proposal from a banking federation.

Over the weekend, local banks, through the National Federation of Banks, raised their wage-increase offer to 9% from a previous 8.4%. Union representatives, who were demanding a 12.8% pay raise, accepted the offer.

Nearly half of Brazil’s 20,000 bank branches were closed during the strike, the workers’ union said.

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