Speaking to FE, a senior finance ministry official said that the wages of the bank employees will be revised at the earliest. The issue of wage revision will be given topmost priority irrespective of the fact who forms the government, the official said. However he added that the quantum of hike will be decided later.
The Indian Bank Association (IBA) is holding a meeting on May 15 to finalise its demands on the issue.
The association is likely to demand about 12 per cent hike. However a final decision on the issue will be taken on that day.
Meanwhile, the All India Bank Officers Confederation (AIBOC) is expecting a jump of at least 20 per cent in their pay. We will not accept anything less than that, said a member of the AIBOC, adding that the pay scale must be on par with the other Indian private sector and foreign banks.
The wage revision has not taken place since 1997 because their unions and IBA could never reach a consensus on the quantum of raise, said the AIBOC member.
Meanwhile, a senior finance ministry official said that the government may also look into the issue of voluntary retirement scheme in case the boards of the public sector banks decide to go ahead with it. Most of these banks have reported an increase in their net profits with the decline of non performing assets in their portfolios.