Amid calls for 5-day week in banks, IBA invites employee unions for wage settlement signing

The Indian Banks Association or IBA has invited bank unions to sign the wage revision settlement at Chennai on 11th March, 2024..

CH Venkatachalam, the general secretary of AIBEA of All India Bank Employees' Association has informed this through a post on social media., saying IBA has invited United Forum of Bank Unions to sign the wage revision settlement..

It is to be noted that United Forum of Bank Unions, a coalition representing bank employee unions, had earlier written a letter to Finance Minister Nirmala Sitharaman, urging for the implementation of a five-day working week in banks..

It is to be noted that according to a MoU signed in December between bank employee unions and IBA, the banks association had consented to a 17% wage increase, resulting in an additional wage bill of Rs..

Regarding the memorandum of understanding (MoU) signed between the Indian Banks' Association and bank unions on December 7, 2023, it pertained to wage revision and service condition enhancements for bank personnel..

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