Bank Bipartite Talks on 17-1-2014 - IBA improved their Initial offer from 5% to 9.5%

IBA invited the UFBU for discussions and the bipartite talks were held today in Mumbai in the office of IBA. IBA was represented by Mr T M Bhasin (CMD, Indian Bank) Chairman of the Negotiating Committee, Mr. M V Tanksale, Chief Executive of IBA and other CMDs/EDs who are members of the IBA’s negotiating team. UFBU was represented by the representatives of all the constituent unions.

During the discussions held, after protracted negotiations, IBA finally agreed to improve their earlier initial offer of 5% on cost of Pay slip components (which amounted to Rs. 1575 crores ) to 9.5 % (amounting to around Rs. 3000 crores) which is exclusive of retirement benefits and other costs. The IBA also reiterated that they would expedite the negotiations and conclude the Settlement by June, 2014. IBA further informed that the next round of negotiations will be held on 27th January, 2014.

From UFBU side, while explaining the rationale behind charter of demands, UFBU pointed out that their offer needs to be further enhanced before any finality could be reached. However, looking to their improved offer and assurance to expedite the settlement, it was decided to defer agitational programmes and proposed strike action on 20th and 21st January, 2014.

Further developments will be informed to units after the next round of negotiations. In the meantime, it is necessary to maintain our unity and preparedness which alone can guarantee accomplishment of our demands.