Salary is very important for on job working person and everybody wants increment in salary on a regular interval. So Just like pay commission in central government jobs in Banks there is another option called bipartite settlement. So, in the public sector banks wage revision takes place on the basis of bipartite settlement. Further the agreement arrived at between the management and the workmen on their own without any interference from Government under section 18(1) is referred to as Bipartite settlement under Industrial Dispute Act,1947. It is applicable to those who are a party to the settlement.
Beside this settlement takes place between Indian Banks Association (IBA) and United Forum of Bank Unions (UFBU). Indian Banks Association (IBA) is representing bank managements on behalf of government while United Forum of Bank Unions (UFBU) is representing bank employees. Further the bipartite agreement it will have signature of only employer(management) and labour representative.
Further, The bipartite settlement revises every 5th year and the tenure of 10th Bipartite Settlement has ended on 31st October 2017, thus inclining the imposition of the 11th Bipartite Settlement from 1st November 2017. But due to the disagreements over the employee-demands between the Indian Banks Association (IBA) and the United Forum of Bank Unions (UFBU) , the bank wage revision kept on delaying until now.
- CURRENT ISSUE
Further the world is totally concentrated and coming together on coping up with the Coronavirus (COVID-19) outbreak, the leaders of the bank unions are coming together to make their ends meet. So as per the general knowledge, then bank wages revision for the employees of Public Sector (PSU) banks is due since 1st November 2017, after the 11th Bipartite Settlement ended on 31st October 2017. Because as the Unions have declared strikes in the upcoming days, it seems like there are more negotiations to come. Further as per the bank wage revision latest news, here is what the Indian Banks Association (IBA) has agreed as on meeting held on 29th February 2020 under Section 19 of Industrial Dispute Act, 1947.
- Offer on Payslip cost increased to 15%.
- Demand on 5 Day Banking will be taken forward by further discussions.
- Demand for loading more than 2% will be considered by a Joint Committee of UFBU and IBA.
- In addition to the 15% offer, encashment of Privilege Leave (PL) at 5 days per year.
- Improvement in Family Pension: matter recommended to Government, will be expedited.
- IBA agreed that some improvement in the Pension would be worked out for the retirees of earlier settlements period by working out the cost.
- Revised offer on performance-linked incentive (PLI) was given at 1.37%, 2.74% and 4.11%.
Seems like other matters are still due for negotiation which was proposed.
As per the reports, the 11th Bipartite Settlement released by Bank Employees Federation of India (BEFI) , when agreed upon will be effective from 1st November 2017 and will be valid for the next three years. This bank wage revision settlement will benefit approximately 12 lakh Bank employees. Hoping for the best to come, we can expect the negotiations to be finalized and the settlement to be implemented soon as circular awaited.
- QUESTION OF LAW
This question arises after hearing about this current discussion-battle of Indian Banks Association (IBA) and United Forum of Bank Unions (UFBU). Even though IBA has proposed the agreement on some demands of the employees, the unions are unshakable over the fulfilment of complete demands. This has stretched the matter to this far extent.
During the recent period the prices have gone up steeply and the workload on the banking workforce has also gone up enormously. So, bank staffs expect a fair and reasonable hike in wages in the current settlement. Further, at a time when the banking sector is facing multiple challenges from within as well as externally, but we feel that it is important and imperative to spend much of the time and attention on strengthening our Banks, particularly our Public Sector Banks which are facing the brunt of these challenges. Besides, this reason also, it is necessary to expedite the Settlement on wage revision and channelizing our focus on successfully and unitedly facing these challenges to ensure a vibrant banking system to serve to the overall economic development of our country.
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