AIBEA reports on 10th Bipartite Wage Settlement for Bank Employees

AIBEA reports on 10th Bipartite Wage Settlement for Bank Employees – Net increase in Basic Pay after merging DA and loading factor works out to 60%

update: 25.05.2015 – 7th Joint Note signed – bank employees wage revision financial elements and new pay scales finalised

Update 20.05.2015: AIBOA reports on Grade Pay for Bank Employees and New Pay Scales in its official website – Joint Note to be signed on 21st May 2015 – Click here to get the details

We congratulate all our units and members for this achievement.

Highlights of 10th Bipartite Wage Settlement

1. Wage revision will be effective retrospectively from 1-11-2012.

2. Annual increase on account of revised Payslip components would Rs. 4725 crores over the wage bill as on 2011-12 i.e. increase of 15%. (In the last wage revision settlement, this amounted to Rs. 2980 crores).

3. This would mean an apportionment of Rs. 2270 crores for workmen and Rs. 2455 crores for officers.

4. Revised Pay Scales would be constructed by merging DA upto 4440 points of price index and adding another 2% loading thereon i.e. an increase in Basic Pay by around Rs. 60 / 62 %.

5. 2nd and 4th Saturday of every month would be holiday and the other Saturdays would be full working days.

6. Other issues and demands including pension related issues would be discussed during further negotiations

7. Final Settlement covering all these issues would be completed within the next 90 days.


Kudos – Comrades!!! We are extremely glad to inform that the impasse in the wage negotiation process has been cleared with the offer of IBA for 15% increase in pay slip components thereby making the path of negotiations smoother. While there are still other related issues pending for settlement, the most important part being the distribution of the increase offer, would be taken up simultaneously by UFBU during further negotiations with IBA.

Further to our Strike Notice dated 5th February 2015 calling for Four Days’ Strike from 25th to 28th February 2015 and Indefinite Strike from 16th March 2015 onwards, the Chief Labour Commissioner (Central) held a conciliation meeting on 20th February 2015.

The UFBU presented its case to the CLC(C) narrating the developments since last conciliation meeting held on 5th January 2015 including the circumstances under which the One Day Strike on 7th January 2015 was deferred and the Four Days’ Strike from 21st to 24th January 2015 was put on hold on the definite assurance of IBA for improvement in its offer and conclusion of settlement by the middle of February 2015. UFBU expressed that the since IBA has not increased its offer satisfactorily, UFBU has been pushed to the path of agitation by reviving its strike actions.

The representatives of UFBU informed the CLC (C) the stellar role played by the officers and workmen of public sector banks in the implementation of the policies of the Government especially in financial inclusion, more particularly, in the Jan Dhan Yojna programme and conveyed that the total workforce in the Banking industry has been hurt by the indifferent and rigid attitude of the IBA and hence, the question of deferment of strike does not arise in the absence of substantial improvement.

Thereafter, the CLC (C) suggested to the IBA to hold further negotiations, which IBA agreed and called UFBU for further negotiations on Monday, the 23rd February, 2015 at 11.30 a.m. at Mumbai.

Meeting with IBA on 23rd February 2015:

Accordingly, bipartite discussions were held today in IBA’s office between IBA and UFBU. IBA was represented by Mr. T M Bhasin, Chairman of IBA, Mrs. V.R Iyer, CMD, Bank of India, Mrs. Arundhati Bhattacharya, Chairman, SBI, Mr. Rajeev Rishi, CMD, Central Bank of India, Mr. Ashwani Kumar, CMD, Dena Bank, Mr. Arun Tiwari, CMD, Union Bank of India, Mr. Rakesh Sethi, CMD, Allahabad Bank, Mr. Shyam Srinivasan, MD, Federal Bank, Mr. Animesh Chauhan, MD/CEO, Oriental Bank of Commerce, Mr. Ashwini Mehra, DMD, SBI, Mr. M V Tanksale, Chief Executive, IBA and Mr. K Unnikrishnan, Dy. Chief Executive, IBA.

UFBU was represented by leaders of our 9 organisations viz. Com. Rajen Nagar and C H Venkatachalam (AIBEA), Com Y. Sudarshan and Com Harvindar Singh (AIBOC), Com Vinil Kumar Saxena and Com M V Murali (NCBE), Com S Nagarajan (AIBOA), Com Pradip Biswas (BEFI), Com Subhash Sawant (INBEF), Com. K K Nair (INBOC), Com. Mohan Kumtakar (NOBW) and Dr. S U Deshpande (NOBO).

The perseverance and display of solidarity and unity of members ultimately yielded the desired results in the meeting held by IBA with UFBU on 23rd February 2015 on wage negotiations with mutual agreement on wage increase and some other important issues paving the way for smooth process in further negotiations towards expeditious Settlement on wage revision and other service conditions.

In view of these positive developments and signing of Minutes of Discussions, all our agitational programmes and strike actions have been withdrawn. All our units and members are requested to restore normalcy forthwith.

We would like to take this opportunity to thank the entire team of Executives and IBA for their co-operation in reaching the above positive understandings.

While conveying our sincere thanks and heartiest congratulations to the entire UFBU membership for the excellent display of solidarity and unity and their confidence reposed on the leadership, we are confident that amicable resolution would be found with regard to other related issues also and the agreement on wage revision and other service conditions would be clinched at the earliest. Further developments will be informed to units and members in due course.

With congratulations and revolutionary greetings,

Source: AIBEA

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