Young bankers on warpath for wage revision

Young bankers on warpath for wage revisionThe fissures in the United Forum of Bank Unions (UFBU) appears to be deepening. A section of young belonging to different unions have decided to hold a demonstration at Jantar Mantar in New Delhi on November 2. They have been demanding a pay commission similar to the one for the central government employees. These young employees have also demanded to settle the at the earliest. They have also demanded for  five-day banking a week. The young employees have threatened to go on an indefinite strike if the demands are not met. National Organization of Bank Workers (NOBW), a part of UFBU has decided to support the demonstration and their demands.

“Though NOBW is a part of the UFBU, we have decided to support the young employees’ cause as entry level wages are very low in banks and therefore the sector has become very unattractive for young workers”, said Shri Ashwani Rana, Vice President, NOBW. The NOBW had earlier pressed for pay commission for bank employees as well.

Young bankers on warpath for wage revision
Shri Ashwani Rana, VIce President, NOBW

NEWS MSME has earlier reported that a large section of bank employees have questioned the UFBU “inept handling” of wage revision issue. A virtual social media war broke out when UFBU decided not to go for indefinite strike on the wage revision issue. To keep the flock together, some of the unions had to come out with ‘circular” requesting employees not to pay attention to social media buzz.

Young bank employees is on warpath with Government and banking unions negotiating the wage revision with IBA. young bank employees contend that the entry-level pay in banking is very low compared to other sectors. With Government coming out with financial inclusion schemes their work load has gone up significantly.
The NOBW has said that bank employees need a pay commission to settle the wage issue. “Finance Minister had also mentioned the need for a pay commision for banking sector employees”, said Shri Rana while refering to a meeting with Finance Minister Shri Arun Jaitely with bank employees representatives in Delhi after the formation of Modi Government. At present there is a difference of 30 per cent in wages for bank employees when compared to central government employees payouts, he added.

The wage revision of Bank Employees is pending for the last two years. Bank unions have demanded 25 per cent revision while IBA has offered only 11 per cent hike. Sources had earlier revealed on NEWS MSME that if Unions lower the demand to the last revision level of 17.5 per cent then a headway can me made.

UFBU has called for a day-long strike on November 12. The chief labour commissioner has called for a meeting with bank unions on November 5 to address the matter.