11th Bipartite Settlement of Bank employees are due for Wage revision from 01st November 2017. This time bank unions are sleeping where as Government is in hurry to settle the revised pay of bank employees on time. In this regard the finance ministry has asked the CEO’s and MD’s of all the public sector banks (PSBs) to finalise the modalities for timely implementation of the next pay revision from November.
This is to remember that there are 21 PSBs after merging of all the Associate Bank of State Bank of India including Bhartiya Mahila Bank (BMB) with State Bank (SBI). There are more than eight lacs plus employees are on roll with various Public Sector Bank in India.
Finance ministry has advised the chief executive officers (CEOs) and managing directors (MDs) of all the state-owned banks in the exclusive communication to initiate the steps for smooth conclusion of next wage revision of the employee within the time-frame without delays or payment of arrears.
Despite of many reminders, Bank management of any of the bank has not responded positively to finance ministry yet. This is to remember that the wage revision of public sector bank employees takes place every five year.
The previous wage revision was due on November 2012 but settled on June 2015. In the 10th Bipartite settlement of wage revision between PSU banks employee unions and bank management, Indian Banks’ Association (IBA) had settled at 15 per cent pay hike.
This time there are expectation of higher pay structure of Public Sector Bank employees which may include the Compensation Package system of salary as suggested by BBB (Bank Board Bureau) chief Mr. Vinod Rai. He advised that compensation package across the board of public sector banks needs to be improved.
There are chances that Revised Pay structure of Public Sector Bank Employees will be having the following components :
1. fixed part of compensation package
2. Variable Portion which may include performance incentive
3. Performance Bonuses
5. Other Business linked performance incentives for high ranked officers.
BBB has also recommended to keep the minimum service requirement of 6+ Years for CEO’s & MD’s of public sector banks.