Revision of wages and service conditions bacame due on November 1, 2017, CH Venkatachalam, General Secretary, All India Bank Employees’ Association, pointed out. The ministry had written to the individual banks and the India Banks’ Association (IBA) as early as in January 2016 advising them to initiate the process and conclude negotiations prior to November 1.
This was followed up with reminders on August 24, 2016; October 1, 2016; December 21, 2016; March 21, 2017, August 22, 2017 and December 13, 2017. In response, the IBA had invited the UFBU and commenced negotiations on May 2, 2017. It was assured that the entire negotiations would be expedited in order to complete the process before November 1, 2017.
During the last seven months since then, a number of meetings have been held and various non-financial issues discussed. But the IBA has not come out with any offer on the demand for wage revision. Despite repeated requests for an offer on which further negotiations can be held, the IBA has maintained a stoic silence.
The last meeting of the IBA’s Negotiating Committee was held on October 27, when the UBFU was assured that it would convene shortly and come up with an offer. The UBFU requested the Centre that the IBA be advised to resume negotiations on the quantum of wage revision without further delay so that efforts can be taken to conclude the settlement at the earliest.