Bank staff get 15% hike, 6 monthly offs

The author has posted comments on this articleTNN | Feb 24, 2015, 05.19AM IST

The revision will result in an increased outgo of Rs 4,724 crore for banks. 

MUMBAI: Branches of public sector banks, the RBI and insurance companies will be shut alternate Saturdays and will work full time on all other days according to the terms of an agreement between employee unions and the Indian Banks Association. Following a breakthrough in negotiations, which resulted in a 15% wage hike for bank employees, unions have withdrawn a call for a four-day strike beginning February 25.

"Keeping branches shut on alternate Saturdays will help cut down costs. It will also improve the work-life balance for employees, which in turn increases productivity," said M V Tanksale, chief executive, Indian Banks Association. This would result in a small reduction in weekly working hours as a full-day shift is 6.5 hours as against four hours on a Saturday.

M V Murali, convenor, United Forum of Bank Employees, said that wage revision has been settled with effect from November 2012. The revision will result in an increased outgo of Rs 4,724 crore for banks.

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According to Tanksale, all banks are in a position to make this payout as they have been making provisions for a 13-15% hike from their profits since last year. The revision would also result in increased payout to pensioners.

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Following the chief labour commissioner's suggestions, the IBA and bank unions met in Mumbai on Monday to find an amicable solution and avert a strike. Bankers said the hike was lower than the 17.5% in previous agreement.

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