Jammu, August 27: Bank employees and officers held a demonstration at Bahu Plaza on Thursday following a nationwide call by the United Forum of Bank Unions (UFBU) over the delay in implementing a five-day banking week and changes to the Performance Linked Incentive (PLI) scheme.
The UFBU, comprising AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF and INBOC, served a strike notice on August 26, raising concerns over the pending implementation of five-day banking and the PLI scheme introduced by the Department of Financial Services (DFS).
The unions have demanded immediate implementation of five-day banking in accordance with the commitment recorded in the Settlement/Joint Note dated March 8, 2024. They said the matter remains pending for government approval despite the agreement and assurances.
The UFBU has also opposed the revised PLI scheme issued by the DFS, arguing that it benefits less than five per cent of the banking workforce while excluding the majority of employees. The unions have objected to replacing the bank-performance-based PLI agreed through bilateral negotiations with an individual-performance-based system.
The forum has demanded that the revised scheme be kept in abeyance and modified through bilateral discussions with bank unions.
According to the UFBU, the bilateral PLI arrangement provides for an incentive of up to 15 days’ Basic Pay plus Dearness Allowance, while the DFS-directed scheme provides for PLI of up to 365 days’ Basic Pay. The unions said the difference creates disparity among employees.
The UFBU appealed to the government and the Indian Banks’ Association to address the issues through bilateral dialogue and implement commitments already made.
Participants also called for immediate approval of all Saturdays as holidays for the banking industry and implementation of a five-day banking week.
The demonstration was attended by Rakesh of Punjab National Bank, Puneet of Canara Bank and Naresh of Bank of Baroda, besides bank employees and officers from various institutions.
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