The Indian Banks' Association (IBA) has invited the bank unions for initiating the negotiations for the next wage settlement in the banking industry.
Talks between IBA and the bank unions under the banner of United Forum of Bank Unions (UFBU) are to be held at Mumbai on May 2, according to C H Venkatachalam, General Secretary of the All India Bank Employees Association (AIBEA).
The talks are expected to lead to the 11th bipartite settlement on wage revision. Venkatachalam sees the May 2 meeting as a "formal introductory" exercise and noted that the actual negotiations would start thereafter.
"AIBEA would like to expedite the settlement on time. We deserve a good revision in our wages to catch up with the market as well as commensurate with the increased work load in banks of late," Venkatachalam said.
So far, 10 industry level bipartite settlements have been signed by IBA with the bank unions since 1966.
The 10th bipartite settlement on wage revision for 10 lakh bank employees and officers was signed in May 2015 covering the period from November 2012 to October 2017. The next wage revision is due from November 2017.
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