In a bizarre move, United forum for Bank Unions (UFBU) has accepted the Indian Bankers' Association (IBA) proposal of "Performance Based Salary Hike" with little modification.
A recent circular issued by the Bankers' Union with updates on meeting with IBA on 12th October is mentioning the fact related to acceptance of Performance Based salary hike in 11th BPS.
UFBU has requested IBA to modify the current performance linked wage revision to "Performance Based Incentive" , this will be paid to the employees/Officers of individual banks as per bank's own capacity. Union has further informed that this exercise will be a separate issue and would be discussed after finalization of fixed salary hike.
Read - Employees of Following Banks will not get any Performance Linked Incentive/ Salary after 11th BPS
Checkout the highlighted point of circular issued by Bankers' Union in this regard.
Structure of incentive based variable pay is still to be formulated but this is made sure by UFBU & IBA that 11th Bipartite Wage Revision must be having "Performance Linked" salary structure.
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11th Bipartite