IBA, United Forum of Bank Unions to meet on Saturday to close wage pact

The talks come just ahead of the mergers of four sets of state-run banks, effective from April 1

The Indian Banks’ Association (IBA) and United Forum of Bank Unions (UBFU) will meet on Saturday to close the eleventh bipartite settlement. Among the key discussion points are an 18-20 per cent raise in wages and a five-day work week.

The tenth settlement elapsed in October 2017, and a deal was reached with IBA that a new pact will be effective from November 2017. The finance ministry, too, had instructed that negotiations begin six months earlier from the date of expiry of the last settlement.

Pressure is mounting on the both the IBA and UBFU as the three-day bank strike