Finance Ministry Asks IBA to Speed Up the 11th Bipartite Wage Revision

In recent development on 11th Bipartite salary settlement for bank employees, Finance Minstry has stepped in and asked Indian Bankers’ Association (IBA) to speed up the wage revision deal. There is no visible progress till date on salary hike as after the 10th industry-wide wage settlement had run its course, ending on October 31, 2017, there have been close to 10 rounds of negotiations between the bank unions and management, but not much headway could be made as there was a yawning gap between the salary hike demand and what was on offer.

Government in view that 11th Bipartite wage-settlement negotiations may have to be wrapped up before the Model Code of Conduct for the general elections kicks-in.

Further, Finance Ministry is all set to bring the “Golden Handshake” scheme for the emolyees of merging banks Bank of Baroda, Vijaya and Dena Banks.

Read – VRS Scheme Likely Soon for the Employees of Bank of Baroda, Dena & Vijaya Bank

Finance Ministry thinks that  to make any voluntary retirement scheme attractive, it will need to be based on revised salaries.