FM asks Banks to present status report on salary hike
29/08/2016 09:47
The Finance Ministry has said that it has asked the lenders to present status report on salary hike talks with their employee unions. As per reports, in January, the PSBs were asked to initiate the process of negotiations with the employees and conclude it prior to the effective date of November 1, 2017. As per reports, the communication to PSBs regarding wages comes in the backdrop of banks union threatening to join the strike called by trade unions on September 2 to protest against what they call anti-people policies of the government. The wage revision of public sector bank employees has been due since November 2012. In the last wage negotiation between PSU banks employee unions and bank management, Indian Banks' Association (IBA) had settled at 15 per cent hike. There are 27 public sector banks in the country with a combined employee strength of about eight lakh. There are about 50,000 branches of these banks across the country.
