Banking

Bipartite settlement News as on 23-01-2020

It is believed that the long awaiting wage revision of Public Sector Banks may be finalized on 27th Jan 2020 post meeting with CLC.

This is not the confirmed news but it is the strong rumor going on within the committee members of various unions but the probability of settlement is very much higher.

You may count is as coincidence but the events are happening as similar to previous wage settlement. When the settlement was agreed in the month of Feb 2015, the strike call was taken by the UFBU and Labour Commissioner had called all the parties for the meeting. Post meeting the IBA agreed on the settlement. That time also strike call was made during the budget session.

This time also the similar call had been taken by the UFBU , on the similar fasion Assistant Labour Commissioner (C) has called upon the all the parties in the settlement to have a common meeting i.e. IBA, Ministry of Finance and UFBU.

It is strongly believed that the IBA will agree on 15% Pay hike with all saturdays off. Currently IBA had offered the hike of 12.25% on gross salary.

IBA has also written to the respective unions that are going to strike. Its key points are as give below:

In this connection, it is a matter of great concern for us to learn that besides others, one of the demands for you to go on strike is wage revision hike on payslip components and related issues. As you are aware that we have already convened 39 Meetings comprising of the Negotiating Committee, Core Group (Officers) and Core Group (Workmen) since 2017. This explains our efforts towards arriving at an amicable and mutually acceptable settlement at the earliest.
The position of Banks’ health as well as profitability was explained in details to you all in our last Negotiating Committee meeting held on 13.1.2020. As such considering and taking all reasonable steps, we increased our offer as under :-
a) superannuation benefit) has been offered. 12.25 % increase on the pay slip component with 2% loading (the effect on b) Over and above the encashment at the time of LFC, 5 days additional Encashment of Leave (i.e. approximately 1.37 % payout) is offered every year to celebrate festive seasons.
For employees more than 55 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 the most of employees during their service period.