Bank employees to protest after Banks』 Association proposes just 2% pay hike due to NPAs

Following wage revision talks between Indian Banks』 Association (IBA) and the United Forum of Bank Unions (UFBU), bank employees have decided to protest by holding a demonstration and going on a two-day strike, according to a report by The Economic Times.

The banks』 association had proposed an average pay increase of two percent to employees due to mounting non-performing assets and eroding profitability. The proposed increase covers basic salary and house rent allowance, among other components.

S Nagrajan, head of the All-India Bank Officers』 Association, told the newspaper, 「IBA has offered two percent in the payslip component,」 adding that, 「There will be a demonstration on May 9 throughout the country, demanding a higher pay increase.」

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Salaries of public sector bank (PSB) employees are revised every five years and they are pending since November 1, 2017. The previous such increase was agreed at an average of 15 percent in May 2015 and was made retrospectively effective from November 2012.

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