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K.R. Srivats

New Delhi, April 27 Talks for the 9th bipartite industry-level wage settlement between Indian Banks’ Association (IBA) and the bank unions will commence in Mumbai on May 5.

The previous wage settlement, which was entered into in June 2005, lapsed on October 31, 2007. The 8th industry-level wage settlement was valid from June 2002 to October 31, 2007.

If a new settlement is arrived at between the IBA and bank unions, it is expected to be valid for a five-year period from November 1, 2007. The first industry-level wage settlement was entered in 1966.

For IBA, Mr M.V. Nair, Chairman and Managing Director of Union Bank of India, would head the negotiating team for the 9th bipartite settlement.

The wage settlement would cover employees and officers of public sector banks, old generation private sector banks and foreign banks. It would impact nearly a million bank employees and officers.

The United Forum of Bank Unions (UFBU) Convenor, Mr C.H. Venkatachalm, hoped that negotiations will be concluded as soon as possible and unions will exhibit a positive approach towards the talks, including upgrading customer services and working of banks.

More Stories on : Trade & Labour Unions | Human Resources

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