Banks' Union will decide the faith of IBA's proposal of performance linked salary hike for bank employees on 14th Of October - They will decide among all the unions of different banks, whether to accept or reject it.
A recent interview with leading newspaper, C H Venkatachalam, General Secretary, All India Bank Employees' Association, said: "We pointed out that their (IBA's) offer is too inadequate and we asked them to improve their earlier offer of 6% fixed salary hike.
He further added that "The common pay for bankers is in vogue since 1952. Wage revision is linked to the cost of living, inflation and not to the performance of the banks. All the banks have the capacity to pay its employees,"
He said the operating profits of banks and return on assets would depend on their business models - urban or rural centric, interest on advances or interest on investments and others. Further, he informed that the IBA's new proposal will be deliberated at UFBU's meeting to be held on October 14.
Mr. Venkatachalam said:
IBA sought the reaction of UFBU to its proposal, From UFBU, we have pointed out that its proposal based on the performance/profit of the banks is not an answer to our demand for increase in wages due to inflation, price rise, cost of living, increased workload and job profile of bank employees and officers.
We reiterated that the IBA’s offer of 6 per cent hike should be substantially improved upon."