Nationwide Bank Strike has been called on by the United Forum of Bank Unions (UFBU), which represents more than 7.5 lakh workers and officers in the banking industry on August 6th and 7th 2009.
The unions have rejected the Indian Banks’ Association’s (IBA) wage revision offer made late in the night on August 4. IBA offered a wage increase of 17.5 percent, which was higher than its earlier offer of 13 per cent. However,the bank managements’ insistence that employees also accept a pension scheme whose terms would be reviewed every year was not acceptable to the UFBU, he said. “The IBA’s insistence that we accept its package deal is unacceptable because it is conditional on us accepting the pension package, which is against the interest of the employees,” hesaid.
One of the contentious issues is the UFBU’s demand that 2.5 lakh employees in the industry (and 50,000 retired employees) be given another option to opt for a pension scheme instead of the provident fund scheme. According to the UFBU, the scheme is expected to cost Rs.17,000 crores, of which Rs. 11,000 crores would be available from existing PF reserves. The UFBU said employees are willing to contribute Rs. 1,800crores for the scheme. Mr. Venkatachalam said the IBA, had, in June, agreed to meet the remaining cost amounting to Rs. 4,200 crores.
Apart from the 7.5 lakh employees of public sector banks, staff and employees of private and foreign banks are also likely to participate the strike, Mr. Venkatachalam said.
Five unions representing staff and workers and four unions representing officers are constituents of the UFBU. Banking services in 60,000 branches across the country are likely to be affected by the strike.
Nationwide Bank Strike in India on August 6th & 7th 2009 will bring lot of financial services to the halt.