Bank employees look for earlier wage revision

The representatives of the United Forum of Bank Unions (UFBU) met Union Finance Minister Arun Jaitley on Friday, seeking his intervention for early conclusion of signing of 10 wage negotiation for the banking sector.

During the meeting held in New Delhi, the members of public sector banks submitted a memorandum in which they asked the Finance Minister to take into consideration the inflation factor. In the memorandum, the members said the salary increase should reflect the erosion in wages on account of price spiral and high rate of inflation in the recent years.

Mr. Jaitely assured the delegates that he would collect the details from the Banking Secretary and would arrive at a decision soon. Talking to The Hindu, a UFBU member said “As there was hardly any progress in the talks held with the representatives of Indian Banks’ Association, it was decided to seek the help of the Finance Minister. The meeting was cordial and we expect the results soon.”

In the last round of talks held in Mumbai on June 13, the IBA improved its offer on pay slip components from 10 per cent to 11 per cent. But, it was rejected by the UFBU as it was expecting around 25 per cent as the last wage settlement expired some 18 months ago. The IBA said it was not possible to consider such a steep hike.