“On the same lines, the salaries of RBI (Reserve Bank of India), Nabard (National Bank for Agriculture and Rural Development), LIC (Life Insurance Corporation) and GIC (General Insurance Corporation) are expected so that employees are also finalized,” he added. Some 37 banks, including public, private and foreign banks, have instructed the IBA to negotiate wage increases for employees with the unions. Nearly 3.79 Lakh civil servants from public sector banks and nearly 5 employees from Lakh banks from public sector banks, old generation private banks and foreign banks would benefit from the wage increase. The new salary review would involve an additional annual committee of Rs 7.898 billion for banks. IBA also said that the concept of a performance incentive system (PLI) was introduced for the first time in order to give a sense of competition and reward performance. The workers` unions did not accept this offer. The final agreement will be decided at the next meeting. The final decision on other claims, such as the 5-day bank, leave rules, pensions, etc., which were also part of the 11th bilateral statement, will be known as soon as a detailed billing note is published. The Indian Banks` Association (IBA) reached an agreement with bank employees` unions on Wednesday and agreed to a 15% annual wage increase with effect from November 1, 2017. Therefore, if the bankers receive their desired salary increase of 20% (which currently seems distant) or if they only have to settle for 15%, we would know in the coming months, after an amicable agreement. Nearly 800,000 employees in public, private and foreign banks will be a festive bonanza with the bankers` unions and the Amerindian banking association officially signing the 11th bilateral transaction. Wage negotiations included 29 banks – 12 public sector banks, 10 private banks and seven foreign banks – and 500,000 employees in the banking sector.
In a joint statement by the four unions representing the workers, it was said for the first time that there would be a basic allowance, love, house rental allowance (HRA), special allowance and transport allowance. The HRA rate will be 10.5% throughout the country. “The Indian Banks` Association is pleased to announce the conclusion of the 11th bilateral wage negotiation with the banking unions and federations, which will come into effect on November 1, 2017. The agreement reached today (Wednesday) provides for a 15 percent increase in the pay slip,” sunil Mehta, the CEO of the IBA, said in a statement. The 15% salary increase would apply for a period of five years starting November 1, 2017. A detailed bilateral agreement or joint note was signed with UFBU and also BKSM (Bank Karamchari Sena Mahasangh), which were parties to the agreement, according to the statement. . . .