 "Bank unions meet FM, press for early wage revision")
Jaitley assured representatives of the United Forum of Bank Unions (UFBU) Financial Services Secretary R S Sandhu would look into the matter and the settlement process expedited, union leaders said.
General secretaries of nine employee unions under the UFBU were present at the meeting, along with D Raja, member of Parliament from the Communist Party of India.
UFBU comprises five workmen unions and four officer associations.
UFBU convener M V Murali said the union leaders told Jaitley they had held about 10 rounds of discussions with bank managements, but the Indian Banks' Association (IBA) was delaying the settlement.
"Despite the fact that 20 months have passed since the negotiations began, no significant improvement has been made towards an expeditious conclusion of the settlement. More, IBA is offering the least increase, quoting non-affordability of banks in paying higher wages, partly because of an increase in non-performing assets," he said.
He claimed IBA had offered a "meagre" 11% increase in pay-slip components, against the union's demand of 25%.
The wage revision of public sector bank employees has been due since November 2012. In the last round of wage revision settlement signed in 2010 (for the period between 2007 and 2012), the managements had agreed to a 17.5% rise in salaries.
India has 27 public sector banks, with a combined employee strength of about 800,000. Across the country, these banks have about 70,000 branches.