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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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To survive competition, PSB employees need to shift to a merit-based system of rewards
The topsy-turvy pay structure at public sector banks leads to junior staff being handed fixed pay increases with little weightage to merit, while top managers earn very poor monetary compensation compared to private sector peers
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