Another round of meetings took place on Thursday between UFBU and IBA on wage negotiation under the 12th bipartite settlement.
The following issues are discussed and agreed upon.
1. The proposed wage revision will be effective from 1st November, 2022.
2. The proposed Settlement would be for a period of 5 years up to Oct. 2027.
3. Revised Pay scales would be worked out by merging DA up to 8088 points.
In the matter of 5 banking days, IBA informed that the matter was seriously considered and agreed to follow up with higher authorities and other stakeholders.
IBA also agreed to further discuss with regard to Pension updation and certain improvements in pension scheme.
Change of DA Scheme: To the demand of Unions for switching over to the 2016=100 Index series instead of the 1960=100 series for the DA scheme, IBA agreed to examine the same.
Special Allowance: The demand for absorbing the Special Allowance into regular payscales, IBA informed that the issue is subjudice since it is before the Supreme Court and Delhi High Court. Unions requested the IBA to review the matter to find an amicable solution to the same.
Medical Insurance Policy for Retirees: On the issue of medical insurance policy for retirees, Unions were informed by IBA that the same is being finalized as per the revised base policy for Rs. 2 lacs and the annual premium would be around Rs. 22,000.
IBA informed the unions that all the public sector banks have given it the mandate to negotiate wage settlements. However, some banks have given mandates up to Scale VIII, and a few of them up to Scale VII. Unions demanded to cover the settlement for all the officers up to scale VIII
Only a few private banks have given their mandate to workmen as well as to officers. It is learned that Banks like Federal Bank, Karnataka Bank, Karur Vysya Bank, Dhanalakshmi Bank, CSB Bank, Kotak Mahindra Bank, and foreign Banks other than Standard Chartered Bank have not yet given their mandate.
Next round of discussions: IBA agreed to hold the next round of Small Committee meetings with workmen unions and officers associations by the middle of September 2023. Source: UFBU Circular No. 2023/12 dated 31.08.2023