Money & Banking

IBA, UFBU ink wage revision pact, provides for 15 per cent pay hike

Our Bureau Mumbai | Updated on November 11, 2020

Settlement will be effective from November 1, 2017

Ringing in festive cheer for bank employees, the Indian Banks’ Association (IBA) on Wednesday announced conclusion of the long-drawn 11th Bipartite Wage Negotiations with nine Bank Unions and Associations.

The wage revision agreement reached on Wednesday will be effective from November 1, 2017, and provides for a 15 per cent increase in pay slip, IBA Chief Executive Sunil Mehta said in a statement.

“To inculcate a sense of competition and also to reward performance, the concept of Performance Linked Pay has been introduced for the first time,” the statement said.

A detailed Bipartite Settlement/Joint Note has been signed with UFBU (United Forum of Bank Unions), representing four Workmen Unions and and four Officers’ Associations and also BKSM (Bank Karmachari Sena Mahasangh), who were parties to the agreement.

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Published on November 11, 2020

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