United Forum of Bank Unions (UFBU) has written a letter to Department of Financial Services, Ministry of Finance on the issue of wage revision in 11th bipartite settlement, which is due from 1st November 2017.
UFBU has requested the Government to advise IBA to hold negotiations without further delay and start discussions on the quantum of wage revision so that the settlement can be concluded at the earliest.
In the said letter dated 28.12.2017, UFBU cited that there have been considerable delays in arriving at the settlement earlier and to avoid the same, government took a pro-active initiate by issuing letters to Banks and Indian Banks Associations.
In view of the Government’s communication, the negotiation commenced on 02-05-2017 and it was assured that the entire negotiation would be expedited in order to complete the process before 1st November 2017.
Since then various meetings have been held and various non financial issues have been discussed. So far Indian Banks’ Association has not come out with any offer on the demand for wage revision.