11th Bipartite Wage Settlement Updates - disheartening for more than ten lakhs bankers, IBA has hinted that government may not approve the 5 days banking to the employees of Public Sector Banks citing the slow economic growth and achieving the targeted GDP.
In the recent meeting of 11th Bipartite Wage settlement, they have informally informed to the representatives of the banker unions and UFBU.
Read - Caluclate your expected pay with 15% Hike
Read - Caluclate your expected pay with 15% Hike
The 5 days banking is the top most demand of the employees of Public Sector Bank in this 11th bipartite wage settlement which is pending for more than two years now.
The other updates of the meeting are :
1. For the first time IBA requested Unions to help them in finishing talks preferably within about a month. This is positive development for early settlement.
2. Though idea of 5 day week is kept alive, it may not get green signal from Govt, RBI. No likelihood.
3. Demand for improvement in family pension quantum is taken up with Govt by IBA. May materialise.
4. Merger of Special Pay with Basic under consideration. It will have positive impact on terminal benefits.
5. Soon data on 'cost of pension' to banks will be provided to Unions.
6. There is 6 way pension as on date. To make it common by adopting common Index is on cards.
7. Proposal to enhance NPS contribution to 14 % Is under consideration. It's as per Govt suggestion.
8. Retirees can't afford high premiums of Medical Insurance. It was suggested to allow retirees to choose policies of lesser amt. say 1 or 2 lakh.
9. IBA indicated that they may negotiate wage revision for all officers upto scale VII if unions agree for 'Variable Pay' in principle.
10. IBA requested Unions not to insist for pay parity with Insurance or Govt employees. There is risk factor in business of Banking. Many banks are in deep losses.
11. Banks are rescheduling working and business hours. Unions requested IBA to ask banks not to overburden staff in this regard. There should be sufficient gap btween closure of business hours and end of working hours. Extra timing to finish work is highly objectionable.
12. IBA is requested to frame same rules for all banks in the matter of compensation to Officers for work done on Holidays.
13. IBA promised to take up with Govt matter of GST on Medical Insurance Policies. It substantially inflats cost to retirees.
14. Proposal to accommodate those who are so far left out of Medical Insurance Scheme for retirees & their spouses, was put forth by unions.
15. PL accumulation and encashment on retirement to be hiked to 300 days is demanded by unions.
16. Rest of the issues to be discussed in subsequent small committee meetings.
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11th Bipartite