Now, IBA given mandate by 14 PSBs to negotiate wages

With five large public sector banks giving a mandate to the Indian Banks’ Association (IBA) for negotiation of wages of officers up to the rank of Scale V (Assistant General Manager), the 11th bipartite wage negotiations are likely to gather speed.

Earlier mandate

The five public sector banks (PSBs) – State Bank of India, Bank of Baroda, Punjab National Bank, Union Bank of India and Indian Bank – had earlier given a mandate to negotiate wages for officers up to Scale III (Senior Manager).

The remaining 14 PSBs have given the association a mandate to negotiate wages for all scales (I to VII).

S Nagarajan, General Secretary, All India Bank Officers’ Association, said that following the revision in mandate by these five banks, about 3,300 officers of the rank of Deputy General Manager and above will be left out of the industry-wide wage settlement process.

So, these five banks individually will work out a salary package for the 3,300 officers.

These officers account for 0.90 per cent of the 3,78,783 officers who were on the rolls of PSBs and old-generation private sector banks as on December-end 2017, said Nagarajan.

IBA is understood to have enhanced the fixed-pay component from 8 per cent to 10 per cent by reducing the variable pay by 25 per cent (from 8.2 per cent to 6.2 per cent).