Punjab National Bank Plan to Quit 11th Bipartite Settlement

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.

[highlight]Read : [/highlight]How To Exchange Banned Rs 500 & Rs 1000 Currency Notes ?

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,”

[highlight]Read : [/highlight]7th Pay Commission To Be Recommended Today,Calculate Your Salary

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.

1 Comment

      Leave a reply

      AskBanking - Banking FAQs & Support Blog