Bank unions announce strike
Banking sector unions have decided to go on strike in support of their demands. They say that for the last several years the government has not been taking any action on their demands, due to which they are now left with no option but to go on strike. The unions are demanding implementation of a five-day working week in banks and withdrawal of the Performance Linked Incentive (PLI) scheme.
Declaration of indefinite strike
The United Forum of Bank Unions (UFBU) has decided to go on strike across the country against the implementation of five day work and the changed PLI scheme of the government for senior bank officers. This also includes an indefinite strike from October 26.
Nationwide strike on 11 September
UFBU has announced a bank strike across the country on 11 September. After this, strikes will also be organized on 28, 29 and 30 September. In a statement issued to the press, the union has also called for an indefinite strike from October 26. UFBU represents more than 90% of the employees of government, private, foreign, regional rural and co-operative banks.
Major demands of unions
The demands of the unions include implementing the five-day working system as per the agreement of March 8, 2024, withdrawal of the government's 'unilateral and discriminatory' PLI scheme, making changes in the scheme through talks with the unions and resolving other issues.
Five day working issue
UFBU said that in the March 2024 agreement, it was decided that the remaining Saturdays would be given a holiday and in return the working hours would be increased by 40 minutes every day from Monday to Friday. The unions said that this proposal was sent to the Finance Ministry for approval, but even after more than two years, the matter is still stuck.
PLI dispute issue
On the issue of PLI, UFBU said that the current scheme was launched in November 2020 under the agreement between the Indian Banks Association (IBA) and the unions. It included workman employees and officers from Scale I to Scale VII. Under that scheme, depending on the performance and profits of different banks, incentives ranging from one day's salary to a maximum of 15 days' salary were given.
New instructions of Finance Ministry
According to UFBU, the Department of Financial Services (DFS) under the Finance Ministry directed banks in November 2024 to adopt a new formula of incentives for officers in Scale IV to Scale VII. Unions have opposed the directive, arguing that it violates the bilateral agreement and creates discrimination based on individual performance rather than equitable incentives.