FM to meet bank employees representatives for wage revision issue

Finance Minister Arun Jaitley will tomorrow meet representatives of public sector bank employee unions seeking his intervention for early settlement wage revision.

"We are meeting the Finance Minister (Arun Jaitley) tomorrow and would seek his intervention for early wage settlement," United Forum of Bank Unions (UFBU) Convener M V Murali told PTI.

General Secretaries of nine employee unions under the umbrella of UFBU would present the case for as much as 25 per cent hike in pay slip component.

UFBU comprises of 5 workmen unions-- AIBEA, NCBE, BEFI, INBEF and NOBW-- and 4 officer associations viz, AIBOC, AIBOA, INBOC and NOBO.

Indian Banks' Association (IBA) representing managements of banks had agreed to provide 11 per cent increase only, citing weak financials due to rising bad loans.

The wage revision of public sector bank employees has been due since November, 2012.

In the last round of wage revision settlement signed in 2010 for 2007-12, the management had agreed to 17.5 per cent raise in the total salary.

Bank employees had gone on two-day nation-wide strike in February to press for their demands. Citing high inflation, the had rejected the management's offer of a 10 per cent hike in the cash component of the pay package.

There are 27 public sector banks in the country with a combined employee strength of about 8 lakh. There are about 50,000 branches of these banks across the country.