The Indian Banks’ Association (IBA) and United Forum of Bank Unions are close to reaching an agreement on wage hike for employees of state-owned banks, a senior finance ministry official said on Wednesday.
“As per the understanding between unions and IBA, bank employees are likely to get another option for pension and wage hike of 17.5 per cent,” the official said. The hike would come into effect from November 2007 for a period of five years. Nearly 1 million bank employees are likely to benefit from the wage revision which is likely to cost the banks nearly Rs 4,800 crore annually.
“Employees opting for the pension now will have to share 30 per cent of the burden, while remaining 70 per cent will be borne by the banks,” the official said. The total outgo on account of a fresh option for pension is likely to be Rs 6,000 crore on annualised basis.
“Of this, Rs 1800 crore will be shared by the employees while the remaining Rs 4,200 crore will fall on banks,” the official said. Nearly 250,000 bank employees will benefit from the fresh option for pension.
“Some ground has been covered. It’s difficult to say how close we are to reaching an agreement. There are still some hurdles,” CH Venkatachalam, said convenor, United Forum of Bank Unions. United Forum of Bank Unions, an umbrella organisation representing nine major banking trade unions, represents about 1 millon bank employees and officers from across the country.
My bank got 35 placement clerk and officers, out of them 25-26 employees are left our bank, because of low salary and they got the job at state government as lecturers and they are now getting a salary of rs.16000+, hence, beware of bank jobs !!!
It is a matter of shame and insult that few leaders including some unqualified ones take the entire bankmen for a cheap ride in the name of Bipartite Sttlement.Manly because there is no transparency in what is happenning,everything is a hush hush episode all that we hear from our leaders is that we should go on strike.It is a matter of shame on the part of the rest of us who do not voice our opinions and anger against the way our union leaders treat the issue of Bipartte Settlement and employee's right to get treated with dignity. Employee from from Union Bank of India
Even Assam government's new class IV employees are getting Rs1189/- PM and bank's class III new employees are getting less than Rs.8000/- Phuh. It ia shame for bank faternity !
one thing is sure in SBI the senior most clerks are going to be the most benefited this time.they already having nearly 20 % increase by way of super special cadre + 17.5 % salary hike + 6 % sbi package in all they may get 43 % hike in present emoluments. >>>>>....... not bad the back bone of the Bank the junior cadre and Middle cadre of officers will be more frustrated. and definitely this frustration will come out in the performance? and the officers association i doubt about there existance why can't the openly surrenders there position and lets some young turk lead it
IT IS TOTALLY MOCKERY ON THE PART OF BANK UNION LEADERS TO PLAY WITH EXISTING BANK EMPLOYEES AS WELL AS BANK RETIREE WHO ARE WORSHIPPING BANK LEADERS AS ALLMIGHTY/GOD FATHER EVEN GOVT IS PAYING IMPORTANCE TO RETIRED BANK LEADERS AS WELLAS I.B.A WHICH IS MOST UNPRODUCTIVE
There is no transperancy from the union side. Employees are not aware of what is going on.Union shoud come out with what is going on and why no date is set for talks after 24th September. There is also no details of what was discussed on 24th September. A long gap falls between each talks and nothing fruitful is coming. Why union is not taking any steps to conclude the settlement at the earliest. If IBA is not responsing why there is no action programme. All employees are waiting anxiously and there is no information regarding the development atleast on weekly base, since already 2 years passed after the 8th bipartite settlement.
I have joined a nationalized bank as PO, 2 months ago & now my gross salary is 16000 plus..some of my frnds have joined central and state govt. and now they are earning about 32000+...so my appeal to all the newly recruited officers of the bank that they should try for other jobs..
Posted by: rajesh
October 27 , 2009, 20:48 IST
you are right bank po is getting less than govt. clerks now working in banks is now a matter of shame which was honourable job three decades ago
who says that bank employees wage revision is finally settled. Diwali has gone. Recently Com .Nadaf said that bank employees may have to go undergo indefinite strike as Central Govt. is not finalising anything?
sbi is not signing the wage hike but now the final news is 17.5 % hike with a 6% additional hike to sbi employee ie 23% plus oil of 500 rs.clerk will get 14k plus.
Justice delayed is justice denied. It is too late now.Dilly dallying tactics are being adopted by GoI in allowing much needed wages hike of bank employees whileas it was generous to its employees to award hike in wages to get dividends through ballot. Now when elections are over they are bent upon to disturb a strong banking system which is playing a pivotal role to support the economy to be more resilient in face of global meltdown. They have invited trouble to nation by raising unrest among bank employees.
Posted by: bashir
October 16 , 2009, 12:25 IST
Our union leaders are to be blamed more than the government. We doubt their sincerity. May be there is some hidden agreement with the government. Who knows the truth?
Frends, one important issue will be who eill bear the 30% pension cost, is it only the new pension optee or all employees who are covered under existing pension scheme. Because, employees who are already covered under old pension scheme has nothing to do with the cost sharing with bank as proposed for new pension optee.
Posted by: sundar
November 04 , 2009, 15:45 IST
All have to bear the 30% pension cost. Now do you know you are earning for the pension of existing pensioners and the existing and future employees have to earn for the future retirees. In banks there is no budgetary support
for pension payment unlike central/state govt./RBI employees. Your pension is paid from the profit you make for the bank.
we are profit making unit of government although we are getting just 17.5 % and cental govt. employees are getting much much more then us. who are responsible for this ???????/ our leaders or any hiden settlements are also happning in banking industry ??
Unless bank employees get rid of comrades,no comparable settlement to central govt.employees can be achieved. Rather much better can be achieved if we are unionless. Govt.must establish commission FOR fixation of wages to bank-emploees,as indian nationalised banks are doing everything for building of nation as desired by the govt.
CONSIDERING THE PRICE HIKE FROM LAST PAY REVISION AND HUGE PAY HIKE PROVIDED TO CENTRAL GOVT. EMPLOYEES THIS WAGE HIKE OFFER OF 17.5 % IS A CRUEL JOKE TO BANK EMPLOYEE.
Posted by: SREENIVAS
October 03 , 2009, 20:35 IST
IT IS NOT THE GOVERNMENT, IT IS OUR OWN LEADERS WHO ARE TO BE BLAMED. WHEN WE ALL KNEW ELECTIONS ARE ROUND THE CORNER, OUR LEADERS SHOULD HAVE SETTLED EVERY THING BEFORE ELECTIONS. GOVERNMENT WOULD HAVE CONCEDED FOR MUCH BETTER WAGES TO US.
Banking is by no means less important industry. Public Sector Bank Employees have worked hard all these years but the wage increase is pretty little as compared to the levish attitude of Congress for other sectors before parliamentary elections. It is not fair. Bankers deserved better.
Let the agreement come through thus giving bonanza to Bank Employees and Retiree Bank Employees on Diwali Occassion. Every Bank Employee and retiree friends are eagerly waiting for early settlement.
Posted by: P.Shanmugam
January 04 , 2010, 22:37 IST
It is still a puzzle as how this 17.5% will be apportioned and how much will be the net increase in the Salary. Bankmen have been taken for a ride and it is astonishing that why the Reverent Leaders of all the organisations are unable to come out with transparency in this matter.As of now all unions and their members require motivation as almost all Comrades have become complacent and are not showing much interest in the organisational activities. Respective Leaders to make a note of it otherwise our Bargaining capacity will get a big dent.
Posted by: Sivaramakrishnan
October 02 , 2009, 20:42 IST
17.5% is not a good increase compared to other public sector undertakings, Central Government Staffs and many more State Governemnt employees. early settlement with higher percentage of increase is the expectation of Bank employees
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