NEW DELHI: The three-day nationwide bank strike called by the United Forum of Bank Unions (UBFU) from March 11 this year has been deferred after the Indian Banks’ Association (IBA) agreed to take forward several pending demands.
The decision was taken after the meeting between UFBU, the umbrella body of nine bank unions, and IBA on Saturday.
As per sources present at the meeting, both the parties have agreed on a 15 per cent wage hike. The IBA also agreed to take forward the five-day-a-week work schedule, despite the government’s objections to it.
“IBA agreed to discuss all other issues through further discussions. In view of these positive developments, all our agitational programmes including the ensuing three-day strike from March 11, 2020, stand deferred,” said CH Venkatachalam, general secretary, All India Bank Employees’ Association.
The wage revision, once formally accepted, will be implemented across 19 public sector banks, 10 private sector banks and seven foreign banks.
It will benefit as many as 8,47,399 employees, of whom 3,78,783 are officers and 4,68,676 are workmen.
The total cost to the banks due to a wage hike of 15 per cent is estimated at Rs 7,898 crore and will come into retrospective effect from November 1, 2017.
The 10th settlement elapsed in October 2017 and a deal was reached with IBA that a new pact will be effective from November 2017.