WAGE REVISION

Updation As on 04/10/2009:
Still no date has been declared for the next round of negotiations. However, some further details about the negotiations held on 24/09/2009 have come to our notice, which we would like to share with our readers:-
(a) IBA is not agreeable for further improvement over the offer of 17.5%. Rather IBA wanted to make a provision for performance related incentive (within the overall limit of 17.5%. It has come to notice that IBA was insisting that 1.75% of the load should be earmarked for introduction of variable pay concept in Banks. However, UFBU appears to have rejected the same.
(b) IBA confirmed that as regards pension option they are willing to go by the understanding reached on 9th June, but wanted introduction of the new pension scheme for the new recruits in the industry, including SBI. IBA informed that NPS date will be 1.4.2010 and is firm on this. Unions wanted change in IBA’s stand to make the date open for future discussion.
(c) On outsourcing IBA expected unrestricted power to outsource non core function by Banks. Unions refused to accept this in the format proposed by IBA, but agreed that they are open for discussion on the issue.
(d) In respect of compassionate appointment / ex-gratia payment, IBA said that they are awaiting clearance form the government. However, UFBU wanted immediate implementation of the scheme already agreed upon
(e) Allowance Carrying Posts: IBA proposed some changes looking to the present day needs of the industry. UFBU expressed openness to sort out the issue.
However, the talks remained inconclusive.