Bank strike alert! 10 lakh employees to go on strike for wage-revision demand; all you need to know

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New Delhi | Published: May 7, 2018 6:19:33 PM

Wage hike is pending since November 1, 2017. The IBA is offering 2 per cent hike over the total wage bill of the banks, which was rejected by the UFBU after a failed meeting with the IBA.

Bank strikes have the potential to disrupt normal functioning of businesses (Photo: PTI)

Over 10 lakh employees of public and private sector banks will observe two-day strike in the later part of May, if their demand of “legitimate” wage hike is not accepted by Indian Banks Association (IBA). The meeting for wage revision between United Forum of Banks Union (UFBU) and Indian Banks Association failed to come on any agreement on saturday.

If the strike really happens then people will have to face difficulties in carrying out bank-related works on two days. The news of expected bank strike comes weeks after cash were reported as ATMs in many states.

Why do bank employees want to go on strike ?

1. Wage hike is pending since November 1, 2017. The IBA is offering 2 per cent hike over the total wage bill of the banks, which was rejected by the UFBU after a failed meeting with the IBA.

2. All India Bank Employees Association (AIBEA) secretary, C.H. Venkatachalam, said if Finance Ministry does not intervene, a 48-hour strike will be called at the end of this month. He also said the offer made by the IBA – 2 per cent over the total wage bill – is not adequate.

3. The last wage settlement period was between November 1, 2012 and October 31, 2017. At that time, the IBA agreed for 15 per cent hike over the total wage bill.

4. The proposal of 2 per cent rejected by the AIBEA has given a fresh impetus to the debate between the issue of crores of money being spent on corporates, which are responsible for rising non performing assets in the economy, and the legitimate demand of lakhs of employees who work day and night for the bank and serve crores of people.

5. Banks in India seem to be the most debated topic among people. With the issue of rising non-performing assets and cases of absconding defaulters like Vijay Mallya or Nirav Modi, banks have come under public scrutiny. The transparency in issuing loans is being questioned today. But at the same time, the bank employees are also facing trouble. This time the matter is related to wage and it seems the employees are not in any mood to accept anything lower what they are demanding.

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