Bank unions declare nationwide strike on Sept 11 over five-day work week

The United Discussion board of Financial institution Unions (UFBU) has introduced a nationwide strike on September 11, demanding a five-day banking week and a assessment of the Efficiency Linked Incentive (PLI) scheme, amongst different employee-related points.

The UFBU, which represents main financial institution unions together with the All India Financial institution Workers’ Affiliation (AIBEA), All India Financial institution Officers’ Confederation (AIBOC), Nationwide Confederation of Financial institution Workers (NCBE), All India Financial institution Officers’ Affiliation (AIBOA), Financial institution Workers Federation of India (BEFI), Indian Nationwide Financial institution Workers’ Federation (INBEF) and Indian Nationwide Financial institution Officers’ Congress (INBOC), has urged the federal government to implement the five-day banking week.

The UFBU, in a press release issued in late August, mentioned, “We’re conscious that on the demand of the Financial institution Administration, you had given options of changes of additional timings to be distributed on the opposite days of the week. This proposal despatched in 2024 remains to be pending for the choice to be taken by the Authorities.”

“The federal government has additionally not honoured the settlement arrived at in 2020 to pay uniform incentives primarily based on the efficiency of a financial institution as a complete, starting from 5 days’ wages to fifteen days’ wages relying on the income of the banks. The Authorities got here out with a revised discriminatory scheme which is predicated on particular person efficiency and leads to dividing the workforce.”

The September 11 strike is the primary of a collection of nationwide strikes, the UFBU acknowledged in a letter posted on its X account. Financial institution unions have additionally known as a three-day strike on September 28, 29 and 30, and have threatened an indefinite nationwide strike from October 26 if their calls for stay unresolved.

Amid the deliberate strike, the Centre has reportedly saved performance-linked incentive funds for public sector financial institution executives in abeyance for FY25-26.

The Division of Monetary Providers (DFS), in a letter, mentioned the cost of PLI to executives of public sector banks in Scale IV to VIII will stay in abeyance till additional orders, reported Livemint. The problem will probably be taken up throughout the ongoing thirteenth Bipartite Settlement/tenth Joint Notice discussions, which cowl future wage revisions and repair circumstances for public sector financial institution workers and officers, the report added.

Nonetheless, the Centre’s choice on the PLI scheme doesn’t deal with the unions’ demand for a five-day banking week. The UFBU has mentioned the proposal, which was agreed upon by the IBA and really helpful to the federal government, remains to be awaiting approval.

The PLI framework has been a key level of competition between the financial institution unions and the federal government. The UFBU has opposed the revised scheme, saying it might impose a major monetary burden on banks. The unions need PLI to be linked to the general efficiency of the financial institution, with the variety of PLI days saved uniform for workers and officers as much as Scale VII.

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