Wage Revision Talks update / 10th Bipartite Settlement Talks update

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Updates of Wage Revision Talks

Calculate Your Likely Revised Basic Pay / Increase in Salary - By Your Own Inputs of Likely Wage Revisions

  1. Next meeting between UFBU Negotiating team & IBA on 10th Wage Settlement scheduled on 26th September 2014 at 10.00 am in Mumbai
  2. UFBU meeting with IBA on 17th Sep. 2014 with IBA in Mumbai.

    UFBU appreciated Government's initiatives in extending banking facilities to the unbanked people and expressed the following apprehensions:

    • The compromises on KYC norms may lead to opening of fraudulent accounts for which employees should not be held accountable;
    • The pressure due to the targets stipulated for opening of accounts are greatly affecting the regular banking activities and services to existing customers;
    • Due to the stipulation on timings for opening of accounts from 8.00 a.m. to 8.00 p.m., employees are forced to work beyond their working hours and are also under severe stress to achieve the stipulated target.

    During the wage negotiations, IBA informed that the UFBU's demand of 25% increase in pay slip components is on high side and beyond the paying capacity of banks and insisted that UFBU should review its demand, to which UFBU responded as under:

    • IBA should substantially increase its offer (of 11% increase in pay slip components)
    • The other important issues like regulated working hours, 5-day banking, improvements in pension related matters, etc. should be discussed simultaneously and in a time-bound manner
    • The meetings on negotiation have to be held regularly at frequent intervals ensuring expeditious settlement;
    • UFBU will have flexibility in its demand depending upon the response of IBA on all the above matters.

    IBA assured us to schedule the next round of meeting within one week to discuss comprehensively on all the issues.

  3. Department of Financial Services, Ministry of Finance, Government of India, assured UFBU to advise IBA to resume talks on wage negotiations.
  4. UFBU met on 15th July 2014 in Mumbai and decided to demand from IBA to expedite wage negotiations by calling for meeting immediately and also decided to chalk out strategies for an early wage revisions.
  5. UFBU is meeting on 15th July 2014 in Mumbai to discuss/decide further course of action regarding wage negotiations
  6. Bank Unions Meeting Dated 27.06.2014 With Arun Jaitley Finance Mininster Press For Early Bank Wage Revision

Representatives of United Forum of Bank Unions, comprising mainly of PSU bank employees, today (on 27.06.2014) met Finance Minister Arun Jaitley and sought his intervention for early settlement of wage revision negotiations.

General Secretaries of nine employee unions under the UFBU umbrella were present, along with CPI member of Parliament D Raja, at the meeting with the Finance Minster.

UFBU Convener M V Murali said after meeting ---- UFBU submitted representation to the Finance Minister and apprised him of developments with regard to wage negotiations with Indian Banks' Association (IBA),

He said the Finance Minister assured the delegation that the Financial Services Secretary would look into the matter and the settlement process would be expedited.

The delegation informed that more than 10 rounds of discussions have taken place between bank management and UFBU so far on the issue but IBA is delaying the settlement.

The spiralling cost of living and the high rate of inflation in the last few years has made the life of common man miserable, he said, adding that as against the reasonable demand of 25 per cent increase in the pay slip components, the IBA has offered a very meagre 11 per cent increase.

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    UFBU Convener M V Murali said -

    "Despite a lapse of 20 months since the start of negotiations, no significant improvement has been made towards expeditious conclusion of settlement. Moreover, IBA is offering the least increase quoting non-affordability of banks in paying higher wages partly because of increase in Non-Performing Assets (NPAs),"

    Ashwini Rana General Secretary National Organisation of Bank Workers (NOBW) said

    "We are still waiting for our 'ache din' (good days) under Modi Sarkar"

    The wage revision of public sector bank employees has been due since November, 2012.

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