Seek rise in wages and dearness allowance, better provisions for health, housing
The bugle for the 10th bipartite banking sector wage agreement has been sounded, with five employee unions giving charters of demands for wage revision and service conditions to the Indian Banks’ Association (IBA) last week. An official with IBA confirmed the initial interaction of the union representatives. The officers’ union would follow suit. IBA would have to secure the mandate of each bank to negotiate on their behalf. For this, banks would have to secure approvals from their boards of directors...........
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This time both IBA and unions should consider coming to an agreement on the following broad parameters during the initial negotiations:
i) To sign the final settlement within a year from the date of first round of negotiations
ii) To concede in principle that retirement benefits including pension and medical facilities are part of the responsibility of the employer, in the nature of deferred wages
iii) There should be incentives for additional responsibilities and work in tough terrains or rural areas
iv) Considering the changes in the economic environment, discuss whether the effective period of settlement should be brought down to 4 years.
v) Settlement with IBA should be on broad parameters and individual banks should have the freedom to improve benefits based on performance of institution and employees
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