Finance Ministry has directed IBA to complete the 11th Bipartite Settlement
It is believed that Finance Ministry has asked IBA Negotiating committee to settle the wage deals for 11th Bipartite with banker's soon.
Finance Ministry in view that wage-settlement negotiations may have to be wrapped up before the Model Code of Conduct for the general elections kicks-in.
This communication has been sent to IBA as the general elections only seven-eight months away and the proposed three-way merger between Bank of Baroda, Vijaya Bank and Dena Bank.
Finance Ministry believes that the post settlement of 11th Bipartite, it may necessitate an offer of golden handshake for employees of Bank of Baroda, Dena Bank and Vijaya Bank. There may be good number of voluntary retirement in these banks, which will ease the work of Amalgamation.
In this regard, the Finance Ministry has already spoken to the Indian Banks’ Association’s wage negotiation committee to hasten the 11th industry-wide wage settlement.IBA has already discussed with Banker's Union for more than 10 times on salary settlement post 10th industry-wide wage settlement, which ended on October 31, 2017.
It is believed that the negotiations to be concluded before December 31, 2018.
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