Second and fourth Saturdays will henceforth be holidays for banks. The remaining Saturdays in a month will be full working days.
This was one of the agreements arrived at the meeting of the Indian Banks’ Association with associations of bank employees and staff in Mumbai on Monday.
The agreement, primarily settling the long pending negotiations over the wage revision, led to the United Forum of Banking Unions (UFBU) deferring its four day strike plan later this month.
“It is a balancing act,” UFBU (Andhra Pradesh and Telangana) Convenor VVSR Sarma told The Hindu about the agreement on the additional holidays. The influential body of the bank staffers was insisting that all Saturdays should be holidays.
By limiting it to two Saturdays and making other Saturdays full working day, the banks have ensured that the impact on the customers due to the additional holidays is less.
On the key wage revision component, Mr.Sarma said 15 per cent increase is what the IBA has agreed. The negotiations had hit a stalemate after the banks struck to 13 per cent, while the UFBU demanded 19 per cent. According to Mr.Sarma, the cost for the banks due to the 15 per cent hike that has been agreed works out to Rs.4,725 crore.
The agreement on the wage revision would be implemented with effect from November 1, 2012, he added.
Read at: The Hindu
Related to Your Search:
- Bank Employees to get 15% increase in wages – Strike from 25th Feb called off – 10th Bipartite Wage Settlement
- Bank Employees Strike on 12th November 2014
- Bank employees wage settlement – Bank employees expect early settlement on wage revision
- Wage Negotiation: Negotiating Committee Meeting with Unions / Associations
- Bank Employees Wage Revision – UFBU not satisfied with IBA’s offer, to go on strike
- FinMin seeks status report on pay revision talks from public sector banks
- IBA TO HOLD TALKS WITH BANK UNIONS (UFBU) TOMORROW(6.1.2015)
- IBA Invites UFBU for Negotiations on Wage Revision fixed on 21.2.2018
- IBA Official Minutes of meeting dated 23.02.2015 for 10th Bipartite Wage Revision – Bank Wage Revision from 1.11.2012