Wednesday, May 3, 2017

Banking union sources said there was a meeting on 11th bipartite wage revision

Mumbai, May 2:  Wage negotiations between bank employees and managements got off the ground with an aim to finalise the package by October-end.

United Forum of Bank Unions (UFBU) is representing officers, employees, and staff organisations. Indian Banks’ Association (IBA) is representing bank managements.

Banking union sources said there was a meeting on 11th bipartite wage revision. While unions have already submitted a summary of demands, IBA may place its offer in 7-10 days.  

Sanjeev K Bandlish, convenor, UFBU, will lead the team from workers’ side. From bank managements’ side, a panel of bankers headed by R K Takkar, managing director and chief executive officer (MD and CEO) of UCO Bank will carry on negotiations. Other members of IBA panel include Usha Ananthasubramanian, MD and CEO of Punjab National Bank; Shyam Srinivasan, MD and CEO of Federal Bank; and P S Jayakumar, MD and CEO of Bank of Baroda.

Most public sector banks including State Bank of India have given board-approved mandate for talks. With many state-owned banks reeling under losses due to loan-loss provisions, the scope for meaningful improvement over last wage settlement is limited.

The term for industry-wide wage pact ends in October. The last negotiation, pending since 2012, was settled in May 2015, with 15 per cent hike which was the lowest achievment (below the average increase). On that time other's achieved highest increase in their salary (like for LIC & Central Govt.)

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