Indian Banks Association (IBA) to meet unions to avert 4 day bank strike

The Indian Banks Association (IBA) has decided to hold talks with leaders of bank unions to avert their 4 day strike.

Earlier in January 2015 Bank Unions have postponed 4 day strike on assurance of IBA on wage settlement. After their talks again failed they decided decided to go for a four-day strike from February 25 followed by an indefinite strike mid-March onwards

The IBA has offered a 13 percent hike against the unions' demand of 19.5 percent which would increase the salary bill by Rs.10,000 crore per year. The wage revision of public sector bank employees has been due since November 2012.

Finance Minister Arun Jaitley said bipartite negotiations in a cordial manner are the only available tool for the settlement. Jaitley added that participating in the proposed strike is neither desirable nor affordable in the interests of the nation.

Wage negotiations in the banking sector are held between the United Forum of Bank Unions (UFBU) and the IBA.

The UFBU, an umbrella body, includes AIBEA, National Confederation of Bank Employees, Bank Employees Federation of India, Indian National Bank Employees Federation, Indian National Bank Officers Congress, National Organisation of Bank Workers, All India Bank Officers Association and the National Organisation of Bank Officers.

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