Bank Wage Revision Latest News- Strike Confirmed

Bank wage Revision is going on from November 2017 but due to IBA’s ardent and stubborn attitude, no positive news is coming out for now as Unions Demanded these demand which I am providing you below:

Demands of PSU Bankers to IBA

  1. Wage Revision Settlement at 20% hike on Pay slip components with adequate loading thereof.
  2. 5 Day Banking
  3. Merger of Special Allowance with Basic Pay.
  4. Scrap New Pension Scheme(NPS)
  5. Updation of Pension.
  6. Improvement in Family Pension.
  7. Allocation to Staff Welfare Fund based on Operating Profits.
  8. Exemption from Income Tax on retiral benefits without ceiling.
  9. Uniform definition of Business Hours, Lunch Hour, etc. in Branches.
  10. Introduction of Leave Bank 11. Defined Working Hours for Officers.
  11. Equal wage for equal work for contract employees/Business Correspondents.

These were the Official Reply by IBA :

UBFU Demand 1 – Bank Wage Revision Settlement @ 20% hike on Pay Slip components with adequate loading thereof.

IBA Comments – Considering the present position of Banking Industry and affordability. adequate increase of 12.25 % on the pay slip component had been offered Over and above the encashment at the time of LFC, 5 days additional Encashment of Leave le approximately 1.37 % payout is offered every year to celebrate festive seasons.

For employee more than 35 years of age. 7 days annual Encashment of Leave is offered. In addition to normal leave encashment already available, there would be now 150 to 170 additional leave encashment available to most of the employees during their service period Performance Linked Incentive is also offered.

Demand 2– 5 Day Banking

IBA Comments: It is not feasible at this juncture, until and unless concurrence of all stakeholders is received

Demand 3 – Merger of Special Allowance with Basic Pay

IBA Comments :The IBA and the Unions arrived at a Settlement on 25.05.2015, to revise the salary of the employees of PSB, wherein both parties agreed for introduction of a new allowance called Special Allowance’ and the parties to the Settlement agreed that the same will not be considered for superannuation benefit and pension Accordingly, the bipartite Settlement and the joint note were signed by all the continents of UFBU.

After agreeing for not considering the special allowance for superannuation, the UFBU ia demanding for the merger of the same Special allowance carrier a cost. Hence the demand of merger of Special Allowance cunnot be acceded to as the cost is not affordable.

Demand 4– Scrap New Pension Scheme (NPS)

IBA Comment: This is not possible at this stage asNPS has been agreed between the Unions and IBA since April, 2010 and stands implemented as of now.

Demand 5– Updation of Pension

IBA Comments: The pension scheme in public sector bank operates on the principle of funding by the bank from their profit and loss account. It is different from the pension scheme available to Central Government employees where the financial burden is borne by the budgetary allocation. In respect of pension scheme in public sector banks there is financial burden to the budgetary allocation of Government, At the time of retirement of an employee, the bank is expected to ensure that adequate funding in made for payment of pension family. pension with provision for periodie updation of dearness relief payable Thus the financial implication and affordability of the banks are main factors to make improvement in Pension Scheme of Public Sector Banks.

Demand 6: Implementation Family Pension

IBA Comments :The matter has been referred to Govt. by IBA.

Demand 7: Allocation of Staff Welfare Fund based on Operating profits

IBA Comments : The matter has been referred to the Govt. for favorable consideration.

Demand 8 : Exemption from Income tax on retiral benefits on Operating Profits

IBA Comments :This is our of the purview of IBA.

Demand 9: Uniform definition of Business Hours, Lunch Hour, etc in Branches

IBA Comments : Different banks have different business hours according to the geographical location of India it is placed. The bank timing change process is part of reforms In PSBS under finance ministry’s Enhanced Access and Service Excellence Programme (EASE) 2.0. The Indian Banks’ Association (IIBA) had approved three time slots for customer banking hours for PSBs all over India. The timings were – 9 am to 3 pm, 10 am to 4 pm and 1/ am to 5 pm. Therefore, the matter may be taken up at bank level.

Demand 10 : Introduction of Leave Bank

IBA Comments : Not agreed.

Demand 11 : Defined Working Hours for Officers

IBA Comments : We understand there are specified banking hours in banks.

Demand 12 : Equal wage for equal work for contract employees/Business Correspondents

IBA Comment: We understand banks are already following equal pay for equal work As such banks ordinarily do not engage any workers on contract basis and job work contract are being undertaken through authorized contractor.

These replies are not satisfactory but also a joke with Indian bankers in the name of Bank Wage Revision settlement. Bank staff expect a fair and reasonable hike in wages in the current settlement. There is huge Disappointment and resentment about the present offer of IBA and their rigid approach. Similarly other important demands also remain unsettled and unresolved.

Conciliation meeting Chief Labour Commissioner, Ministry of Labour, Govt. of India intervened and held a conciliation meeting on 27 January at his office in Delhi. During the conciliation, IBA remained adamant and rigid in their attitude and hence there was no improvement in the position.

Therefore Strike on 31st January and 1st February 2020 : In view of the above, there is no alternative before the Unions and the unions are compelled to highlight their demands through their agitation and accordingly on 31″ January, 2020 and 1 February, 2020.

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