August 06, 2009

The United Forum of Bank Unions (UFBU), which represents more than 7.5-lakh workers and officers in the banking industry, has confirmed that it will proceed with the strike on August 6 and 7.UFBU convener C.H. Venkatachalam said the unions had rejected the Indian Banks’ Association’s (IBA) wage revision offer made late Tuesday night.

According to Mr. Venkatachalam, the IBA offered an increase of 17.5 per cent, higher than its earlier offer of 13 per cent. However, the managements’ insistence that employees also accept a pension scheme whose terms would be reviewed every year was not acceptable to the Union, he said.