Money & Banking

Wage revision parleys not making headway: bank unions

LN Revathy Coimbatore | Updated on September 10, 2014

The United Forum of Bank Unions is demanding, among other things, a 25 per cent hike in the pay-slip component, five-day week and proper disciplinary guidelines



It’s been almost two years since the start of the wage revision negotiations, but no significant progress has been made in arriving at a settlement, say bank union sources.

The traditional ‘roundtable negotiations’ have been replaced by ‘correspondence’ after the last meeting on June 13, said retired bank unionist S Srinivasan.

“At the last round held in June, the Indian Banks’ Association relented to a one per cent increase to 11 per cent. Thereafter, negotiations across the table have come to a standstill and replaced with exchange of three letters between the parties, causing displeasure among bank employees,” he said.

Public sector banks, he said, are the foundation of the Indian economy. With changing times, these entities would need to rejuvenate themselves like their private sector or foreign counterparts. Healthy wage structure and service conditions would inspire and motivate the workforce, he added.

Meanwhile, MA Srinivasan, General Secretary, Canara Bank Officers’ Union, told BusinessLine that the Central Committee of the All-India Bank Officers’ Association will be meeting on September 16-17 at Kolkata to discuss wage revision, the growing problem of non-performing assets and issues concerning banking reforms.

The United Forum of Bank Unions is demanding, among other things, a 25 per cent hike in the pay-slip component, five-day week and proper disciplinary guidelines.

Justifying the hike, Srinivasan said cost of living has gone up considerably and the wage rates in other industries and even of government employees have risen significantly.

On NPAs, union sources contend that they are not the creation of the workforce.

Published on September 10, 2014

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