IBA Received Direction From Government To Settle the Wage Revision on 12th October Itself

On Behest of Government of India, Ministry of Finance, Indian Bankers' Association (IBA) has called the meeting with Bankers' Union UFBU in hurry and without any proper schedule. The major reasons for proposed meeting on 12th October is 

1.  The Finance Ministry has asked the Indian Banks’ Association’s wage negotiation committee to hasten the 11th industry-wide wage settlement at earliest.

The schedule for elections to the five states, Madhya Pradesh, Chhattisgarh, Rajasthan Mizoram and Telangana was announced today itself.

2. IBA informed the UFBU for meeting shortly after the announcement of Election dates. This was not the plan meeting and earlier it was suppose to be held in the third week of October.

3. Official from the finance ministry has hinted that the Government wants to complete the merger of the Bank of Baroda, Dena Bank and Vijaya Bank before the election.

4. Goverment is aslo in favor of settling the 11th Bipartite Wage Revision at earliest as the Model Code of Conduct has come into force with immediate effect. Implementation of 11th Bipartite will not violate the model code of conduct. The negotiations to be concluded before December 31, 2018

5. The major constituent Unions of UFBU are willing to settle at 12% and IBA is agree on it.  

6. IBA will probably implement the Performance Linked Salary for Scale IV and above.