Bank Wage Revision - 10th Bipartite Settlement | IBA to holdwage-revision talks with unions on January 17

Bank Wage-Revision - 10th Bipartite Settlement | IBA to hold wage-revision talks with unions on January 17

The Indian Banks’ Association (IBA), which represents the managements of nationalized, private and foreign banks in the country, has invited the United Forum of Bank Unions (UFBU), a collective of nine bank trade unions, for wage negotiations on January 17, 2014 ahead of the two-day all-India bank strike beginning on January 20.

This follows the suggestion by the Central Chief Labour Commissioner (CLC), B.S. Bansariya, who held conciliation talks with the UFBU and the IBA. The talks were held at the Labour Ministry’s office in New Delhi on January 13.

The CLC suggested the two sides to hold negotiations for a wage-revision agreement. The IBA had earlier called the unions for talks on January 29, but the unions had wanted the talks to be held before the strike.

Bansariya pointed out that the two-day strike called by UFBU would inconvenience bank customers and hurt the economy.

He urged the IBA to hold bilateral negotiations before the strike. The IBA agreed and proposed January 17 as the day for talks which the UFBU agreed to. The unions want the wage negotiation process be held in a time-bound manner, and the two sides have agreed to wrap up the process by June.

The fate of the strike will be decided in the meeting on January 17, “If the IBA makes a satisfactory improvement on its initial offer of wage hike, we will revisit the strike call. But if the IBA disappoints us, we will certainly go ahead with the strike,” C.H. Venkatachalam, General-Secretary, All-India Bank Employees Association, said.