Brazil bank employees end longest strike in 12 years, union says

Workers at Brazil's private banks and state-run Banco do Brasil on Thursday ended a 31-day strike, according to the nation's biggest banking industry union, the Sindicato dos Bancários de São Paulo, Osasco e Região.

Workers accepted a proposal made by the National Banking Federation (Febraban) of an annual wage increase of 8 percent, implying an inflation-adjusted gain of 1 percent, a statement from the union said. The agreement ends the longest banking sector strike since 2004.

Under the proposal adopted by the workers, which is valid for two years, food and child care allowances will be raised by 10 percent and 15 percent, respectively.

Workers at state-run Caixa Econômica Federal, Brazil's largest mortgage lender, refused the offer and will continue to strike, the statement added.

Banks and unions tussle over pay raises at this time every year, usually followed by short-lived strikes that seldom disrupt branch services.