Lakhs of employees of public sector banks, old private sector banks, and some foreign banks, will have to wait longer for achhe din (good days), as a wide gap has emerged between what the bank managements are ready to offer in terms of wage hike and the unions’ demands. At the wage negotiation talks held on Friday, trade union representatives sought a 25 per cent hike in wages. The bank managements, under the aegis of the Indian Banks’ Association, however, were willing to up their offer by only one percentage point (from 10 per cent to 11 per cent) in the payslip component on a cost-to-company basis. The 10th industry-wide bipartite wage settlement negotiations in the banking sector have dragged on for more than one-and-a-half years now without making much headway.
Read the Hindu Business Line news report here.