NEW DELHI: The Indian Banks Association (IBA) has invited bank unions to sign wage revision settlement at Chennai on March 11, 2024. CH Venkatachalam, general secretary of All India Bank Employees’ Association (AIBEA), announced this through a post on social media.
The United Forum of Bank Unions, which represents various bank employee unions, had previously written to finance minister Nirmala Sitharaman, requesting implementation of a five-day working week in banks.Currently, banks remain closed on the second and fourth Saturdays of each month, as per the agreement reached in 2015.
In December, a Memorandum of Understanding (MoU) was signed between the bank employee unions and IBA, agreeing to a 17% increase in wages, resulting in an additional wage bill of Rs 12,449 crore. The final settlement is expected to be sealed within 180 days.
Venkatachalam stated that discussions have taken place regarding the allocation of the agreed-upon amount to different categories and components, leading to the signing of the Cost Sheet on January 12, 2024. The process of drafting the settlement began thereafter, and by February 13, 2024, it was largely finalized.
Venkatachalam said once the settlement is signed, he will provide further details through social media.
The United Forum of Bank Unions had in their letter assured the finance minister that the transition will not affect banking hours for customers or working hours for employees and officers.
They had urged the finance minister to review the matter and instruct the Indian Banks’ Association accordingly. They had also highlighted the existing practice of a five-day week in RBI and LIC.
The MoU signed between the Indian Banks’ Association and bank unions in December 2023 focused on wage revision and service condition enhancements for bank personnel. This resulted in a 17% increase in wages across all public sector banks in India, amounting to Rs 12,449 crore. Approximately nine lakh employees, including 3.8 lakh officers from PSU banks such as SBI and select old-generation private banks, will benefit from this hike.
The United Forum of Bank Unions, which represents various bank employee unions, had previously written to finance minister Nirmala Sitharaman, requesting implementation of a five-day working week in banks.Currently, banks remain closed on the second and fourth Saturdays of each month, as per the agreement reached in 2015.
In December, a Memorandum of Understanding (MoU) was signed between the bank employee unions and IBA, agreeing to a 17% increase in wages, resulting in an additional wage bill of Rs 12,449 crore. The final settlement is expected to be sealed within 180 days.
Venkatachalam stated that discussions have taken place regarding the allocation of the agreed-upon amount to different categories and components, leading to the signing of the Cost Sheet on January 12, 2024. The process of drafting the settlement began thereafter, and by February 13, 2024, it was largely finalized.
Venkatachalam said once the settlement is signed, he will provide further details through social media.
The United Forum of Bank Unions had in their letter assured the finance minister that the transition will not affect banking hours for customers or working hours for employees and officers.
They had urged the finance minister to review the matter and instruct the Indian Banks’ Association accordingly. They had also highlighted the existing practice of a five-day week in RBI and LIC.
The MoU signed between the Indian Banks’ Association and bank unions in December 2023 focused on wage revision and service condition enhancements for bank personnel. This resulted in a 17% increase in wages across all public sector banks in India, amounting to Rs 12,449 crore. Approximately nine lakh employees, including 3.8 lakh officers from PSU banks such as SBI and select old-generation private banks, will benefit from this hike.
