Current Status of Bank Salary Wage Revision (latest News, Settlement News, Negotiations, Salary Hike): The salary revision of Bank Employees is due from 01.11.2012, however till now there has not been any significant sign or development and it is still not clear when the much awaited wage revision will take place.
Efforts Made by Bank,s Unions Till Date:The Bank Unions are in discussions with the IBA and have also conducted a one day strike in December 2013 which had forced the banking industry to shut down for a day. The unions are planning a few more strikes in the next few months.
What the IBA has Offered? IBA, which represents the managements of nationalised, private and foreign banks in the country has so far offered only 5% increase in monthly salary, but the unions have declined the same saying it was too low to even start the negotiation process. C H Venkatachalam, General Secretary of the All-India Bank Employees Association and former convenor of UFBU, said the IBA’s stand was totally disappointing and was forcing the unions to go on further strikes.
+ IBA has now offered 9.50% increase and next meeting will take place on 27.01.2014.
+ On it meeting on 27.01.2014 the IBA has revised the offer to 10.00%, however UBFU has declined it and talks have failed.
+ Another meeting took place on 03.03.2014 between IBA & UFBU but nothing has come out from this meeting, next meeting will take place on 14.03.2014.
What happened in the earlier wage revisions? In the last wage revision which was due on 01.11.2007 it took almost two and half years to got finalised as the last wage revision of 2007 was finalised on 27.04.2010 with an increase of 17.50% in salaries. In the wage revision of 2002 the salaries were increases by 13.25%.
What are the prospects in this wage revision? It is difficult to predict, however going by the weak negotiations by the Bank Unions with IBA, till now, it seems that this is going to be another poor wage revision for Bank Employees. The IBA has so far offered only 5%, unions are also not strong enough to demand a good wage revision, it seems that this wage revision will end with a maximum of 10-15% salary increase and the salaries of Bank Employees will further deteriorate vis a vis Central Government Employees.