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3 day banking strike will be deferred in good news for consumers

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3 day banking strike will be deferred in good news for consumers

In a heartening development for end consumers, the proposed 3 day banking strike by unions will be deferred for the future as per reports. The strike has been officially deferred by the officers’ unions of PSBs (public sector banks) and employees of Indian banks.

The strike was proposed after banks scaled up the offer for wage hikes to 15% from 12.5% previously. The strike had previously been declared by constituents under the UFBU (United Forum of Bank Unions), the umbrella organization representing trade unions in the Indian banking sector.

Key aspects to note in this regard

According to UFBU (United Forum of Bank Unions), after discussions with IBA (Indian Banks’ Association), along with a 15% pay-slip increase, there was other progress achieved on some of the other prevailing demands. Due to the positive nature of this development, the strike has been suspended temporarily and the 3 day strike will not take place as scheduled. The three day strike was slated for the 11th, 12th and 13th of March, 2020 as initially proposed by banking unions.

The strike was planned in a manner that would have put banking operations out of gear in the country for a whole week this month. 10th of March, 2020, is a declared holiday for Holi while banking operations will be closed on the 15th of March, 2020, which is the second Saturday of March. The unions were asking for a wage hike of 20% for pay-slip components along with ample loading.

IBA has improved the offer to 12.5% in the latest round which has been accepted by the banking unions. AIBEA (All India Bank Employees’ Association) has already stated that discussions took place in the bipartite meeting between the IBA (Indian Banks’ Association) and unions with regard to the offer of increasing the pay slip costs by 15% and the demand for a five-day banking week among other demands. IBA will be discussing all other issues that have been highlighted by the unions as well. Previously in January this year, bank employees’ unions had conducted a strike of two days from the 31st of January, 2020, over a host of demands including a revision in wages.

The deferring of the bank strike will mean good news for Indian banking customers and businesses across India. There were fears related to banking operations remaining dormant for an entire week and these have now been assuaged. The industry will naturally hope that the impasse is fully resolved so that there are no strikes in the future.

 

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