Wage revision may come into effect from Nov ’07
Kumud Das
Posted: Wednesday, Aug 13, 2008 at 0123 hrs IST
Updated: Wednesday, Aug 13, 2008 at 0123 hrs IST
Mumbai, Aug 12: 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.”
“In fact now on, we will be meeting very often to discuss several other issues such as outsourcing, second option of pension and appointment on compassionate grounds in the banking industry,” Nair added.
Comments
» Justice
Posted by daulatmunot on 2009-11-18 22:33:53.21766+05:30
less salary more
powers=corruption/fraud
Note:-Powers and responsibilities both are supplements to each other.there must be justice.please take good wishes of labour class.One should not forget that working class plays significant role for creation of good image of any Government.Please take care of Banking Sector,it is a spinal cord ofour National economic System.if one does not care Genuine demands of Bank employees through delaying tactis it means he is challenging ......existence.There must be equilibrium between salary structure of central Government employees and Bank employees.
» BANK EMPLOYEES PAY REVISION
Posted by B L MAHESHWARI on 2009-10-30 00:08:25.85804+05:30
Because of low pay scales, working for long hours, six day working, financial exposures, poor HR management, a few new young persons opt for bank jobs in Public Sector Banks. Among those who join the banks, many leave the bank service. IBA, Finance Ministry GOI and bank management must consider the pay revision favourably. Why seperate formulas for wage revision ? the salary should be made at par with cetral Govt Employees. Lastly a word for United Front of Bank Unions - why this front is not giving call for further strike when recent Pvt Sector Strikes have been successul and management/owners of aviation companies have to accede to the demand of unions. When demands are justified, there should not be a hitch for strike call to make agree IBA/GOI for speedy pay revision.
» wage revision for bank employees
Posted by R.SRIRAM on 2009-10-22 10:56:11.104169+05:30
bank employees, right from the 3rd bipartite settlement, were always given a raw deal. even the state and central govts have hiked wages of their employees leaps and bounds in the last decade. it is high time that government of india take a realistic view and speed up the process of wage revision to bank employees.
» bankmenwagerevision
Posted by shsubramani on 2009-10-20 20:58:23.241947+05:30
Bankmen wage revision is due from Nov, 2007. Every settlement is reached after 5 or 6 days strike causing LOP to bank men and trouble to public. This settlement is being prolonged.It seems Govt and IBA is calculating ,calculating and calculatingactuaries on pension, in this computor world.Agriculture Debt relief for getting votes is decided on one midnight at 12 and implemented next morning. Central Govt. staff salary is also; being increased without any strike by them and decided at midnight,merly for vote bank. But bankmen strength is only 2.5 lacs scattered all over India and their vote is nothing for these Govt. Only becaue of this, even after strike being total, they are going on calculating.Let them take their own time till next settlement is due. Kudos.
» BANK EMPLOYEES PAY REVISION
Posted by B L MAHESHWARI on 2009-10-30 00:11:29.989199+05:30
Sir, what are unions doing ? They are only begging and not giving strike call. When unions are week bank employees will have to tolerate raw deals from IBA/GOI.
» Respectful wage revision
Posted by Baswal Sanjay on 2009-10-18 21:44:48.74891+05:30
Bank employees are waiting for a respectful 9th wage revision.Only in public sector banks are earning more than RS.70000 crore profit and are demanding only Rs 5200 crores foe their wage hike. It is shameful for The mediator IBA that they are humilating and insulting the banks employees.We hope that IBA will come forward and sign a respectful wage revision for bank employees.
» wage revision
Posted by deb kumar bose on 2009-10-15 21:57:08.20535+05:30
bipartite settlement is now a trade between iba and trade union leaders. so it is seen settlement date is end but discussion is not end and no one can know the secret which have been discussed between iba and employees union leaders. the days are coming that charter of demands will be settled by voting through website. leaders are not required more
» at last some good news for bank employees
Posted by c.n. srivatsan on 2009-10-11 08:38:47.8061+05:30
it seems G O I has agreed in principle for 17.5% and one more pension of option to the employees accg to govt official information thro a web site PAY COMMISSON on 10th oct 09 . pl. confirm the news
» bank salary revision
Posted by umesh on 2009-09-29 23:36:21.017294+05:30
I think all the union leaders UBFU etc. are corrupt, uneducated and self centred. How come that banks (who were once considered to be one of the best paymasters) are reduced to one of the worst employers in terms of salary and benefits. All the bankmen should leave the unions/associations and demand for a pay commission like the Central Govt. and only then justice could be meted out to them. It was Pillai commission which gave equality to the bankmen officers were at pat with class I central govt. officers whereas the clerical staff was getting much better salary than their counterparts in govt. departments. what is the situation today? I would blame all the bankmen who are supposed to be one of the most educated lot but only blindly follow the union leaders without thinking about their own interest. Shame on all of us the bankmen.
» resign enmasse
Posted by PRASAD on 2009-10-02 22:00:51.684749+05:30
BETTER RESIGN ALL BANK EMPLOYEES ENMASSE IMMEDIATELY ? POSSIBLE? WHETHER ALL EMPLOYEES HAVE SUCH GUTS? NEVER NO UNITY.
» Poor Negotiations
Posted by Bhupendra Singh on 2009-09-21 19:43:10.820621+05:30
Union leaders are minting money on wage negotitaion.Otherwise they could not have given strike call of a paltry 17.5%.The basic salary must be paid to bank atleast at Rs 20000 level.Strike programmes must be organised for such demands only.
» wage revision
Posted by malik abbas on 2009-09-02 21:05:07.145095+05:30
it seems that government does not like it's profit generating entities so they discourage bankers
