Four bank officers unions have agreed that the wage arrears of three weak banks -- UCO Bank, Indian Bank and United bank of India -- could be paid in installments, instead of making a one-time payment.
The four officer unions yesterday signed the final agreements with Indian Banks' Association for wage settlement which would entail to a total outgo of Rs 578.94 crore on part of the banks.
The four association include 2.4 lakhs officers from the rank of scale I to scale VII. The full impact of the wage hike will be felt from November 1, 1999 due to the phasing of payment of arrears, which are effective April 1, 1998. The total wage increase of 12.25 per cent is as per base level wages as on March 31, 1997.
"The payment of arrears in respect of the three weak banks may be re-scheduled by the bank managements' in consultation with their respective officer association," said a statement issued by IBA. "In case of other banks, it will be one time payment of arrears," said K K Nair of INBOC.
The association which signed the agreement yesterday include All India Bank Officer's Confederation , Indian National bank Officer's Congress , All India Bank Officer's Association and National Organisation of Bank Officers (NOBO). identified over 60 ships that have arrived from OECD (Organisation for Economic Cooperation and Development) countries, as well as other countries, and are being dismantled at Alang on Gujarat's west coast, in alleged violation of the norms of the Basel Convention.">
