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Business News/ Industry / Bank unions want FM to step in to resolve wage hike issue
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Bank unions want FM to step in to resolve wage hike issue

Public sector bank employee unions have threatened to go on a nationwide four-day strike starting 25 February

There are 27 government-owned banks in India with a combined employee strength of about 800,000. Photo: BloombergPremium
There are 27 government-owned banks in India with a combined employee strength of about 800,000. Photo: Bloomberg

Vadodara: Days ahead of a proposed strike by the employees’ union of public sector banks, a top union leader on Saturday sought the intervention of finance minister Arun Jaitley to resolve the over two-year-old wage hike issue.

Public sector bank employee unions have threatened to go on a nationwide four-day strike beginning 25 February over the wage hike issue. C.H. Venkatachalam, general secretary of All-India Bank Employees Association (AIBEA), said Jaitley should intervene immediately to settle the long-pending issue. The association is a major constituent of United Forum of Bank Unions (UFBU) which has given the strike call.

“Jaitley’s immediate intervention is necessary in view of the four-day strike (which coincides with the presentation of the Union budget) and also the call for indefinite strike from March 16 in support of our demands," he told PTI over telephone. “Wage revision in the banking industry is governed by bilateral agreement between the Indian Banks’ Association (the management body) and the bank unions once in five years," Venkatachalam said.

The last wage pact expired in October 2012 and hence a wage revision for bank employees and officers is due from November 2012, he said. IBA had first bettered its earlier offer of 11% wage hike to 12.5% and then again to 13%. The unions, however, are demanding a 19% increase in wages. Earlier, unions had deferred one-day strike scheduled for 7 January as IBA improved the wage hike offer to 12.5% from 11% earlier. Following this, unions also deferred the proposed four-day strike from 21 January after the management of banks (IBA) assured that wage-related issues will be resolved by early February. There are 27 government-owned banks in India with a combined employee strength of about 800,000. These lenders have around 50,000 branches across the country. PTI

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Published: 14 Feb 2015, 06:03 PM IST
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