Banking industry wage pact unlikely by month-end

Banks want wages to be linked to productivity rather than the present practice of automatic hikes in wages based on tenure

The prospects of arriving at a wage pact between bank managements under the aegis of the Indian Banks’ Association (IBA) and unions by the end of the month look dim as they are slated to meet on Tuesday and Friday.  

Trade union functionaries have said banks, through the IBA, were yet to put their offer (for wage hikes) on the table. Discussion on financial matters (for wages) is expected to take place on Friday, when the IBA could make its offer.  

On Tuesday, unions will discuss routine matters, such as leave and travel allowances with the managements. 

The United Forum of Bank Unions,