The management of Royal Bank of Canada and representatives of the National Workers Union (NWU) have satisfactorily completed their industrial negotiations.

The NWU and the bank agreed to a five percent general wage increase spread over a two-year and six-month period.

Workers will receive back pay effective from January 1, 2013 with improvements in overall working conditions. The parties agreed to maintain customary benefits along with a revised regime of industrial concessions.

The parties will meet at the Department of Labour shortly to have the collective labour contract signed.

The NWU represents nine companies within the financial services sector.