Banking Unions gear up for wage revision with new bipartite agreement kicking in from Nov 1

 
Share this on your social network:
   Facebook Twitter Google+     Comments Mail
The banking unions have been gearing up for wage revision and service conditions through the 10th bipartite banking sector wage agreement, which will come into effect from November 1, as the older one stands expired after October.

Reports said that the five employee unions have already placed their demands in front of Indian Banks' Association (IBA) last week. IBA will now have to secure the permission of each bank to negotiate on their behalf. For this, banks would have to secure approvals from their boards of directors.

The ninth bipartite settlement signed on April 27, 2010, was effective for the period between November 1, 2007, and October 31 this year. The agreement was signed between IBA, the All Indian Bank Employees' Association (AIBEA), the National Confederation of Bank Employees, the Bank Employees Federation of India, the Indian National Bank Employees' Federation and the National Organisation of Bank Workers.

AIBEA's general secretary, C H Venkatachalamsaid there was a strong case for a substantial increase in wages and allowances, along with better facilities, in view of sticky inflation.

Sources in the know said that unions have demanded that 10th bipartite agreement should reflect the merger of dearness allowance (DA), payable at the average index for July-September, with salaries and also the DA be based on the Consumer Price Index 2001=100 series, instead of the 1960=100 series.

Also unions have said the number of employees in banking system have not increased in line with the business volume.
Read more about:
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Thousands of Goodreturn readers receive our evening newsletter.
Have you subscribed?