Bank Employees to get 15% increase in wages – Strike from 25th Feb called off

Bank Employees to get 15% increase in wages – Strike from 25th Feb called off – 10th Bipartite Wage Settlement Latest News

Update: 23.02.2015 : 19.30 hrs: IBA Releases Minutes of Meeting dated 2302.2015 for 10th Bipartite Wage Revision – Click here for more details

After unsuccessful meeting on 20th February 2015, UFBU and IBA decided to meet another round of talks in connection with 10th Bipartite Wage Settlement on 23rd February 2015. In the mean time AIBEA and AIBOA the two unions which form part of UFBU had earlier decided for All India Bank Strike from 25th February 2015 for 4 days.

However, as per latest news received through media, during the talks held on today (23rd February 2015), IBA agreed for 15% wage hike as well as for holidays on 2nd and 4th Saturdays. It is also learnt that Bank Unions have also agreed for 15% increase in wages in respect of 10th Bipartite Wage Settlement was due from the year 2012.

GConnect would report more details on this Bank Employees Wage revision once details are released from IBA and Employees side.  Keep watching this section

Media reports for 15% bank wage hike (reported after 4 pm on 23rd February 2015)

Trade unions finally managed to get a good deal — a 15 per cent hike in wages coupled with second and fourth Saturday off — from bank managements after protracted negotiations.

Though bank employees have got second and fourth Saturday off, they will have to work full day on the first and third Saturdays.

The wage hike will be applicable to nearly 10 lakh employees in public sector banks, old generation private sector banks and some foreign banks.

The wage revision negotiations had been going on for more than two years. With the settlement, the Indian Banks’ Association has averted a four-day strike, which trade unions had called from February 25.

“In today’s talks, wage revision settled at 15 per cent with effect from November 2012,” United Forum of Bank Unions (UFBU) Convener M V Murali said.

National Organisation of Bank Workers (NOBW) Vice President Ashwini Rana said: “We are not happy as our expectation was that bank staff would get what was given to them last time — 17.5 per cent increase in wages”.

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

Earlier, unions had deferred one-day strike scheduled for January 7 as IBA improved the wage hike offer to 12.5 per cent from 11 per cent earlier.

There are 27 public sector banks in the country with a combined employee strength of about 8 lakh. There are about 50,000 branches of these banks across the country.

Source: The Hindu Business Line

Must Read : Other news on Bank Employees Wage Revision