IBA Agrees to Meet Bank Unions to Avert Strike

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    The Indian Banks' Association (IBA) has decided to hold further talks with leaders of public sector bank unions who have given a call for a four-day nation-wide strike from February 25, as per the media reports.

    IBA Agrees to Meet Bank Unions to Avert Strike
    The talks will be held on Monday i.e. February 23, 2015.

    The unions have threatened the strike to press a wage increase demand. This will be their fifth strike this financial year. IBA has offered a 13 per cent increase, which will put a burden of Rs 4,095 crore on banks, against the unions' demand of 19.5 per cent.

    It will increase the salary bill by Rs 10,000 crore a year. An IBA official said a five-day week was not acceptable to the government.

    The United Forum of Bank Unions also wants about 300,000 vacancies in the sector be filled, but it is opposed to contract hiring or outsourcing.

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