Mumbai, February 24: A historic 10th Bipartite Settlement has been reached between UFBU, representing nine Officers’ and workmen organizations and Indian Banks’ Association (IBA). A memorandum of understanding was signed today at Mumbai during the 18th round of talks between the parties. According to the settlement which will be effective from 01/11/2012, a wage hike of 15% on Pay slip components which comes to Rs. 4725 Crores has been agreed by the IBA. Superannuation cost and cost of welfare schemes shall be over and above this cost.
After adding a load factor of 2% on Basic pay plus Dearness Allowance as on 31.03.2012 and merging Dearness Allowance corresponding 4440 points as on November 30, 2011, the new scales would be drawn. On the basis of breakup of establishment expenses as on 31.03.2012, annual Wage increase between Workmen Unions and Officers’ Associations will be worked out and distributed. On a very long pending demand of Five Days week with lot of supporting facts given in favour, IBA agreed for second and fourth Saturday of the month as holidays, whereas, other Saturdays would be full working days.
It has also been decided that fil Bipartite Settlement / Joint Note will be drawn and signed within a period of ninety days from the date of this M.O.U. by meeting on mutual convenient dates and the other issues of the Magements and Unions / Associations, which were discussed during negotiations would also be settled to mutual satisfaction.
It is pertinent to mention that the staff of the Banking Industry had been on agitation path on the demands for a reasoble and justifiable Wage but not much headway was made despite unions agreeing to put on hold their call for four days strike from January 21, 2015 to January 25, 2015. All India Bank Officers’ Confederation (AIBOC), the largest organization of Officers played a pivotal role in this agreement. This was stated in a press release.