The two-day all-India bank strike called by the United Forum of Bank Unions (UFBU) on January 20-21 was deferred following the Indian Banks’ Association (IBA) improving upon their initial pay hike offer of 5 per cent to 9.5 per cent of ‘payslip cost’, C. H. Venkatachalam, General-Secretary, All-India Bank Employees’ Association, told Business Line .
“In view of the IBA coming out with an improved offer on Friday and agreeing to further discuss the issue on January 27, we have decided to defer the strike,” Venkatachalam said.
The revised offer of 9.5 per cent notwithstanding, UFBU will on January 27 look forward to further improvement in the IBA offer in the wake of the reasonable demand by the unions on account of high inflation in the country, he said.
The bilateral talks between the IBA and the UFBU were held in Mumbai on Friday at the instance of the Central Chief Labour Commissioner, who held a round of conciliation talks with the two sides on January 13 in New Delhi.
The next round of talks between IBA and UFBU, a representative body of nine bank unions, will take place in Mumbai on January 27.
Venkatachalam also said the IBA had committed to wrap up the process of wage revision settlement by end June this year.