Wage revision may come into effect from Nov ’07

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If the Indian Banks’ Association (IBA), the trade body of banks, has its way, then the ninth bipartite settlement for bank employees is likely to come into effect from November 1, 2007.

The demand of the United Forum of Bank Unions (UFBU) to this effect has received positive response from the IBA during their first meeting on fresh wage revision held in Mumbai on Monday. The eighth bipartite settlement had ended in November 2007. However, on the UFBU’s demand that the revised pay scales should be constructed at the consumer price index of 3028 points, the IBA stated that this could be taken up during the further course of discussions.

However, the final date on wage revision will be decided by the government, which will soon be communicated about the outcome of the ninth bipartite negotiation.

The newly appointed CEO of IBA, K Ramakrishnan, was present during the meeting, while the UFBU was represented by its convenor, CH Venkatachalam and other Union leaders.

Attrition of the employees from the state-run and old generation private sector banks was thoroughly discussed during the meet.

Also, a core committee comprising the human resource heads of the few affected banks has been formed so as to reach at a possible solution as early as possible. Revealing the deliberations of the meeting to FE, MV Nair, chairman and managing director of Union Bank of India, who is also chairing the negotiating committee on wage revision of IBA, said, “Common interests relating to the bank employees as well as the bank management will be substantially strengthened so as to minimize the loss of talent in the public sector and old private generation banks.”