Banks on 2-day nation-wide strike from today: Here's how it will affect you

The two-day nationwide bank strike on May 30 and 31 will hit banking operations and might lead to cash-crunch across the country

 

 

Employees and officers of various public sector banks across the country are on a two-day strike starting today to protest a nominal 2 per cent wage hike offered by the Indian Banks' Association (IBA).

The strike is expected to hit bank customers hard as it may disrupt month-end salary credit operation. Further, the bank strike could trigger a country-wide cash crunch as ATMs of most banks would not be replenished in the next two-days. Several ATMs might even remain closed during the strike as security guards employed in these ATMs are also likely to participate in the protest.

Owing to the strike, operations such as clearing of cheques, money transfer, cash remittances, and deposit and withdrawals at branches will not be possible in the next two days.

Why are bank unions protesting:

The United Forum of Banking Unions (UFBU), an umbrella body of nine bank unions, has demanded early wage review settlement, sufficient increase in salary and improvement in other service conditions and wage revision settlement for all officers up to scale VII.

In the last wage revision in 2012, which was for the period between November 1, 2012, and October 31, 2017, bank employees got a 15 per cent wage hike and AIBOC Joint General Secretary Ravinder Gupta said the unions were expecting a better salary increase this time....Read More

Around 1 million bank employees to go on 2-day strike from Wednesday

About 1 million bank officers are expected to participate in the strike on May 30 and May 31

 

 

Around 1 million bank employees will go on a two-day strike this Wednesday as the conciliation efforts by the Union government failed to convince bank unions to call off protests against the proposed low wage hike. Additional Chief Labour Commissioner (CLC) Rajan Verma met the bank unions, under the banner of the United Forum of Bank Unions (UFBU), finance ministry officials and bank management, represented by the Indian Banks’ Association (IBA) in an effort to avert the strike.

“The CLC tried his best to sort out the strike-related issues but there is no positive development. Though the bankers, through the IBA, said they are willing to reconsider the proposed wage hike, there was no concrete proposal.

Hence, the strike stands,” All India Bank Employees’ Association General Secretary C H Venkatachalam said.

D T Franco, general secretary, All India Bank Officers’ Confederation said about 1 million bank officers are expected to participate in the strike on May 30 and May 31. During the conciliation proceedings, the bank unions told the CLC that a 2 per cent wage hike was proposed in a meeting held between bankers (IBA) and unions (UFBU) on May 5 “which was not at all acceptable, considering the rise in cost of living.”

“The officials from the IBA stated that they have had several rounds of discussions in respect of wage negotiations…in view of the huge non-performing assets or bad loans in the banks, only 2 per cent of wage increase was offered.

But they also stated that they are still not closed and ready to negotiate further,” according to the minutes of the meeting.

Bank unions, however, argued that the wage hike should not be linked to bad loans of banks since it is “not disputed that employees are contributing significantly (towards functioning of banks) through their hard work.”

In the last wage revision in 2012, which was for the period between November 1, 2012, and October 31, 2017, bank employees got a 15 per cent wage hike and AIBOC Joint General Secretary Ravinder Gupta said the unions were expecting a better salary increase this time.

“The volume of business and the volume of work of the employees and officers have gone up enormously in the recent years… In addition, bank employees and officers are compelled to undertake so much of non-banking business and all the burden of doing various government schemes have fallen on the shoulders of the bank staff,” the strike notice issued by UFBU, an umbrella body which represents nine unions, said...READ MORE