11th Bipartite Wage Revision - A thug's life ! The three-day bank strike that would have left banks closed for six days in March has been called off by the unions.
The Indian Banks’ Association (IBA) has agreed to a 15% wage hike — the same increase that was agreed to during the last wage revision of 2012.
The wage revision for public sector bank employees has been pending since November 2017.
The IBA also agreed to take into consideration the provision for 5-day banking and getting more employees on board. There was no discussion of reducing service charges for customers.
The three-day bank strike would have left banks inaccessible for six days in India has been called off by the bank unions. It took three years and five strikes for the Indian Banks’ Association ( IBA) to agree upon an increase that is at par with what was agreed upon during the last wage revision in 2012 — 15%.
In order to defer the three-day strike — along with three scheduled holidays — the IBA will also consider the option of allowing 5-day banking and the encashment of 5-day privilege leave.
During the last two two-day strike between January 31 and February 1, the IBA told UFBU these terms were off the table.
Be that as it may, the unions were originally demanding a wage hike of 20%.
The main reason for these strikes is wage revision, which is supposed to take place every five years. However, the last settlement was due on 1 November 2017 but the wages of public sector bank employees haven’t changed since.
Currently, the unions’ claim that the basic pay of public sector bank employees is half of what other central government employees earn. The unions’ state there were positive developments in the talks held with the IBA.
The IBA has also agreed to look into the issue of more recruitment and improving family pension. While the business has been growing, the staff strength has been dwindling, said the strike notice sent to the IBA arguing for more employees to be brought on board.
The unions point out that a large segment of the workforce has either already retired or is on the verge of retirement. They also claim that increasing work pressure due to the lack of manpower has led to over 100 incidents of bank officers committing suicides.
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