The Hindu Business Line : Pay revision: AIBOC firm on better terms

WHILE the All-India Bank Officers' Confederation (AIBOC) has expressed its readiness to cooperate for an early salary revision settlement, it has categorically stated that it would want the Indian Banks' Association (IBA) to come out with an improved offer.

The AIBOC had rejected the earlier offer of an 8.8 per cent increase in the payload.

Industry insiders, however, hinted about some forward movement in the salary revision negotiations that resumed 10 days ago. "The prospects of an MoU being reached in May and a final settlement by mid-June appears to be high, with the IBA declaring that it is for a settlement in June. But everything depends on the understanding between the negotiating teams on the issues raised," an industry spokesperson told Business Line.

Meanwhile, it is reliably learnt that a small committee is slated to meet on May 6 to work out the minor details in the event of an agreement being reached on the amount of revision. This is to be followed by a management committee meeting for a final review in mid-May.

Union sources state that there was no reason for a denial of a fair increase in the load factor as all banks had recorded impressive performance. They stood their ground on an industry-level settlement.

While expressing its confidence of striking a fair deal by mid-June, the AIBOC has advised its members to be ready for an action programme at short notice should expectations prove otherwise.