Banks strike withdrawn after a deal to hike wages by 15%

Employees unions and IBA reach an agreement on wages and holidays on Saturdays

GN Bureau | February 23, 2015

#banking   #bank strike   #IBA   #public sector banks  

The nation can heave a sigh of relief as public sector banks employees' have decided to withdraw the four day scheduled from February 25. This follows an agreement with the Indian Banks Association (IBA) to increase wages by 15%, on Monday.  The 15 percent hike is on the pay slip components (like basic salary, dearness allowance) and does not include other components.

The twenty-eight public sector banks in the country have a combined employee strength of about eight lakh.

The unions had threatened the strike to press wage-hike demand. The wage revision of the employees is due since November 2012. Earlier, unions had deferred one-day strike of January 7 as IBA improved the wage-hike offer to 12.5 per cent from 11 percent. They also postponed a four-day strike from January 21. In December the unions had struck work for four days on rotation from December 2.

Most state-run banks have been reporting huge losses or steep decline in net profit amid rising bad loans and record low credit growth.

IBA had earlier offered a 13 percent hike which will put a burden of Rs 4,095 crore on the banks, against the unions' demand of 19.5 percent hike which would increase the salary bill by Rs 10,000 crore per annum.

The unions are also demanding a five-day week as in other public sector undertakings and regulated banking hours against the present system of not having defined working hours for officers.

However, the five-day week was not acceptable to the government, and regulated hours were not feasible either as the daily work has to be completed anyway.

Monday's agreement gives bank staff full holiday on second and fourth Saturdays and the bank would work full days on the other remaining Saturdays in a month.



Other News

Governance Now journalists win award for best TB reporting

Governance Now on Thursday bagged the REACH Media Awards for 2017-2018 for best reporting (English category) on tuberculosis (TB) at an event co-hosted by REACH, USAID and Lilly Global Health in partnership with the Lancet Commission on Tuberculosis. Our cover story

Simple facts about Special Status states

N Chandrababu Naidu-led Telugu Desam Party (TDP) on Friday parted ways from the BJP-led National Democratic Alliance (NDA) at the centre. The official quitting of the alliance was preceded by the pulling out of two ministers out of the Narendra Modi government, a week ago. The

Peak performance

What is Narendra Modi’s biggest electoral success during the current term as prime minister? At first blush, most would say the Uttar Pradesh victory. That would be looking at the obvious (UP is the heart of the Hindi heartland) and at mere numbers (it has the maximum Lok Sabha seats). Yes, it was a

On a dangerous tangent

The killing of a seven-year-old boy at Ryan International School, Gurgaon, suddenly brought focus on violence by students in school. It was a gruesome case indeed: On September 8 last year, Barun Chandra Thakur dropped his children, including seven-year-old Pradyuman, at school around 8 am. By the time he

Juvenile crime and punishment

Like our jails, our correction centres for juvenile offenders are hardly conducive to bringing about positive change. No one will dispute the fact that an underaged criminal, especially if he or she is a first-timer, needs to be given a chance to reform, however heinous the crime. Unfortunately, society&rs

If you’re happy and you know it...

Finland has emerged as the world’s happiest country, as per the World Happiness Report 2018. The report has ranked 156 countries by their happiness levels, and 117 countries by the happiness of their immigrants. This year, the main focus of the report is on migration within and between countries.

Current Issue

Current Issue


CM Nitish’s convoy attacked in Buxar


Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter