Rio, 10/17/2003 (Agência Brasil - ABr) - The 110 branches of the Banco do Brasil in Rio de Janeiro which have been closed since Monday because of a strike will be open today.Union representatives and management reached an agreement that will include a 12.6% pay raise on total earnings (the increase will not apply to one special payment made to less than a thousand employees - the bank has over 80,000 employees). The Bank will increase meal voucher payments to R$11.67 per meal and daycare assistance to R$143.75 per month. The bank also agreed to an insurance policy which will cover holdups. Finally, the bank will pay employees a one-time bonus of R$1,500 (around US$500).

Meanwhile, employees in Brazil's other big federally-controlled bank, the Federal Mortgage and Savings Bank (Caixa Econômica Federal) remain on strike. Negotiations there continue today. (AB)