First time in the history of Public Sector banks, Public sector banks (PSBs) such as State Bank of India (SBI), Punjab National Bank (PNB) and Bank of Baroda (BoB) are planning to introduce a performance-linked salary model for their senior executives of General Manager and above. Later down the time it could be implemented from Chief Manager and above.
Government of India is yet to approve the proposal by Public Sector Banks.
As of now, the salary structure of all employees of PSBs is decided through bipartite settlements between the bank's management, United Forum of Bank Unions (UFBU) and Indian Banks' Association (IBA). 11th Bipartite Salary Settlement is currently due for bankers since November 2017.
The proposed revised salary structure for senior employees comes in the aftermath of opposition from bank unions against six PSBs -- PNB, SBI, BoB, United Bank of India, Indian Bank and Oriental Bank of Commerce -- for restricting the latest wage negotiations up to scale-III officers or up to the senior manager level.
These Six Banks Have Given Mandate To IBA To Settle 11th Bipartite Salary Up To Scale III Only
Bank Unions are demanding one rank, one pay.
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