Public Sector State-run bank Punjab National Bank may quit upcoming IBA wage settlement i.e. 11th Bipartite Settlement of Wage revision to introduce their own wage structure.
PNB has set up an internal committee consisting of general managers which is studying the feasibility of a new wage structure for the bank. Afterward bank would decide to move away from Indian Banks Association (IBA)-led wage settlement to retain talent under its own remuneration package.
Managing director and chief executive Usha Ananthasubramanian has out spoken on this issue and said that
“The times are changing and we have to change with the time. We can’t be saying that we will follow the same old things. We are moving into an era where we need to recognize performance and give remuneration to manage talent,”
Currently, 10th Bipartite settlement in force and banking unions fighting with IBA, on behalf of its member banks, negotiates wage settlement. The wage settlement are applicable for five years. Next wage revision is due on 01st Nov 2017.