Outcome of IBA meeting on 28.07.2023 including status of 5 days banking & Bipartite settlement

Last Updated on July 30, 2023 by Brajesh

Wage revision negotiation formally started from 28.07.2023 between Indian Bank Association and Bank Unions. Union had already submitted their charter of demands on 21st Oct 2023 to IBA containing important points related to wage revision and service conditions. Wage revision in Banking industry is due from 1st Nov 2022 nd its already 270 Days, but in a positive note the meeting had started which opens the gate for negotiation of demands captured in the list submitted last year. We will discuss step by step to understand the Outcome of IBA meeting on 28.07.2023 including status of 5 days banking & Bipartite settlement.

How the meeting started

Bank unions have explained the points contained in the charter of demands with a hope to finalize the demands as early as possible. Earlier, Fin Min had also expressed her view to finalize the sage revision by 1st Dec 2023. Indian Bank Association were also in line with the instruction given by the Fin Min and they expressed their desire to complete the negotiation within the stipulated time limit.

Time Limit given by IBA for settlement of demands

IBA expressed their hope and desire to complete the negotiation with next 4 months

Step taken by Indian Bank Association

IBA had formed 3 committee to discuss the demands of bank employees submitted through Bank Unions

 

Expectation of Bank Unions

Bank Union expressed their expectation by requesting IBA to cover all banks which were part of last settlements and to obtain full and complete mandate from all banks.

Union also express their willingness to introduce 5 Days banking a week as soon as possible as employees were eagerly waiting for this after allowing LIC the previlage of 5 Days a week. To this IBA informed that it is under due and active consideration.

Further, Union also pointed out the demands of retirees on pension updation and improvement , on which Indian Bank association informed that as a step towards the same and as agreed in last meeting on 19th July 2023, 100% DA to all pre-Nov 2002 pensioners including family pensioners has been extended and can be signed. Accordingly the minutes were signed in this regards.

Important points of Minutes

As per the minutes, DA shall be payable to all pre-November 2002 pensioners /family pensioners with 100% DA neutralization instead of slab system. As this benefit is add on anything to award staff , hence it has been decided to offer as an ex-gratia of Rs. 800 & Rs. 450 to Pensioners and family pensioners respectively on a monthly basis.

Status of DA neutralization

Now the signed copy will move to Department Of Financial Services (DFS) for their approval and once approved the same will get implemented.

Date of implementation is not mentioned yet on the minutes

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