They put their entire brilliance in drafting Common Charter of Demand and circulate it to generate interest of bank employees. Thereafter, powerful group of persons known as UFBU sits across to finalise common charter of demand. What I have seen, at such meetings, whatever you suggest is included and you feel satisfied.
Then Unions conduct meetings to finalise their Charter of Demands. As per this game, bank employees are befooled to suggest changes for being incorporated in charter of demand. We already see that suggestions and proposals for 11th BPS are being moved by bank employees. I foresee that in the name of preparation of charter of demand, they will try to divert attention of bank employees from the basic demand of equality and parity. Since now most of the employees are new in banking industry, they are not aware of the system. The quantum of PLI will be nil if the operating profit earned by a bank is less than 5 per cent.I see setting up of the panel to prepare charter of demand as one of the most clever game. “In order to inculcate a sense of competition and also to reward performance, the concept of PLI is felt to be introduced," the agreement said. "In today's banking scenario, there is a stiff competition amongst different categories of banks that are public, private, foreign banks. In the 10th bipartite wage settlement, which was signed in May 2015, for the period between November 2012 and October 2017, the IBA had offered a 15 per cent hike.Īs per the latest agreement, the PLI would be payable to all employees annually over and above the normal salary payable. The 10th bipartite settlement ended in October 2017. Once concluded, this would be the 11th bipartite settlement. The parties will endeavour to finalise the bipartite settlement within a period of 90 days from July 22, the agreement said. In protest, bank unions had also gone on a two-day strike from May 30 that year. The last round of negotiation happened on March 16 before the outbreak of COVID-19 pandemic, he said, adding the wage hike will benefit about 8.5 lakh employees and officers.ĭuring a round of wage negotiations in May 2018, IBA had offered only two per cent wage hike.
"Today IBA & UFBU have signed an MoU for 15 per cent increase in pay slip component of Bank Employees, in principal agreement to remove cap and offer 30 per cent of basic pay as family Pension," IBA chief executive officer Sunil Mehta said in a tweet.Īs many as 35 rounds of negotiation meetings took place before reaching the common ground and the outcome is satisfying, All India Bank Employees Association general secretary C H Venkatachalam said.ĭetails on implementation of wage hike and allowances are likely to be finalised in the next few days. There will also be an increase the banks' contribution to the NPS (New Pension Scheme) fund to 14 per cent - 14 per cent of pay and dearness allowance - instead of the present 10 per cent from the prospective date of signing the settlement subject to approval of the government, according to the agreement. PLI will be applicable for public sector banks from the current fiscal, while it will be optional for private and foreign banks. The agreement on the 15 per cent annual wage hike was reached at a meeting between the IBA and members of the United Forum of Bank Unions (UFBU) representing workmen unions and officers association. 'I am indeed happy for every bank employee on his wage hike,' Jaitley said in a Facebook post.
The annual wage increase in salary and allowances has been agreed at 15 per cent of the wage bill as on March 31, 2017, which works out to be Rs 7,898 crore on payslip components, as per the agreement signed between the IBA and bank unions. The 10th bipartite settlement between PSBs and their employees reinforces the governments commitment to better lives and working environment for the people.
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