Bank wage settlement doc

Banks wage revision is finally settled with the United Forum of Bank Unions (UFBU) agreed for a 15 per cent hike. The hike will be effective from Ist Novemeber 2012. The proposed bank strike has now been deferred, said Mr Ashwani Rana, Vice President, NOBW. The wage settlement has also provisions for holidays on 2nd and 4th Saturday. The total cost would be Rs 4725 crores.Ashwani Rana, VP, NOBW

Earlier, Finance Minister intervened in the matter and appealed bank employees not to go on a strike. India banks’ Association (IBA) called for a fresh meeting today in Mumbai.

In the last round of negotiations, IBA had offered a merely 13 per cent hike improving the 12.5 per cent offer. The UFBU has however demanded 19.5 per cent hike lowering its demand from 25 per cent. UFBU had offered to further negotiate on their present demand of 19.5 per cent to find out an acceptable solution. The IBA met UFBU in the presence of Chief Labour Commissioner PP Mitra.