Increasing their earlier offer of 2% hike in salary for Bank employees of Public Sector Banks in 11th Bipartite Settlement, IBA is now enhancing it to 6%. United Forum of Bank Unions (UFBU), rejected the offer again, but said they are open for further negotiations.
Bank unions are demanding a 25 percent hike and the IBA has agreed to have fresh discussions on the issue by the end of August probably by 27/28th August 2018.
There are 37 banks, including public, private and foreign banks, have mandated the IBA to decide on wage hikes for their employees. Many of these banks has asked IBA to settle the salary up to scale III only. The management of banks had justified the nominal hike citing huge losses incurred in the past few quarters.
In the last round of talks held on May 5, 2018, the IBA had offered a meager 2 per cent wage hike, which had irked the unions and they went on a two-day strike starting May 30.
IBA has agreed to discuss on the demand of all Saturdays holidays for bank Employees.