Good News! No Bank Strike Today After 9.30 Meeting Yesterday Top 4 Takeaways From AIBA-UFBU Discussion - Full Details

(MENAFN- Live Mint) The three-day nationwide bank strike scheduled for 28 September to 30 September was deferred after a meeting between the Indian Banks' Association (IBA) and the United Forum of Bank Unions (UFBU) on Sunday.

The strike had been called to press for a five-day workweek for bank employees and reforms related to performance-linked incentive (PLI), among other demands.

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The UFBU had earlier observed a one-day strike on 11 September and had planned a three-day nationwide strike on 28, 29 and 30 September. The union had also warned that it could launch an indefinite strike from 26 October if its demands remained unresolved.

Quick answers to key questions

.5 QUESTIONS1Why was the bank strike originally scheduled for September 28-30?⌵

The bank strike was called to demand a five-day work week for bank employees and address various reforms related to the performance-linked incentive (PLI) scheme.

2What were the main outcomes of the recent IBA-UFBU meeting regarding the strike?⌵

The meeting resulted in the formation of a high-level committee to discuss declaring remaining Saturdays as holidays and initiating discussions about modifications to the PLI scheme.

3How long ago was the agreement for a five-day work week signed?⌵

The agreement for a five-day work week was signed over two and a half years ago, formalized through the 12th Bipartite Settlement on March 8, 2024.

4What actions will unions take if their demands are not met by October 26?⌵

If their demands are unresolved, the unions have warned that an indefinite nationwide strike will begin on October 26.

5What does the bank union want to achieve regarding Saturdays?⌵

The bank unions are seeking to declare all Saturdays as holidays, converting the existing practice of having the first, third, and fifth Saturdays as working days.

However, just a day before the planned strike, the UFBU announced that the "proposed agitational programmes and strike actions will be deferred..."

The decision came after a meeting between the IBA and the UFBU at 9:30 pm on Sunday.

Four takeaways from the meeting

After due deliberations between the IBA and the UFBU, it was decided that:

A. A high-level committee of IBA and UFBU will be formed immediately to deliberate on the issue of declaring the remaining Saturdays as holidays. This committee will explore all possible alternatives, discuss with all stakeholders and work out a solution acceptable to all stakeholders and, more importantly, the customers.

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B. As regards the PLI Scheme for Scale IV and above officers, the discussions can start with IBA to propose modifications to the Government in the scheme to address the observations of the Unions/ Associations.

C. The residual issues as listed in the minutes dated 8.3.2024 will be discussed between the parties for expeditious resolution.

D. In view of the above, it was agreed by the UFBU that the proposed agitational programmes and strike actions will be deferred.

Key demands of bank unions

Shiv Shankar Singh, Working President of All India Bank Officers' Confederation (AIBOC), said earlier,“Our continuous demand has been for a 5-day work week in banking. The 12th Bipartite Settlement, which was signed on March 8, 2024, along with nine joint notes, was executed between the IBA (on behalf of the government) and UFBU.”

Also Read | 3-day bank strike deferred: Check UFBU's complete statement

“The provision for 5-day banking was part of that agreement. It has been over two and a half years now, yet it has not been implemented, even though it should have been put into effect immediately. We are against the government, we are government employees,” he said.

"All 12 Public Sector Banks (PSBs) are Government of India undertakings, and we are its employees. We implement every single initiative of the government, but unfortunately, the government needs to reflect on this as well," he added.

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