Bank' unions have announced a countrywide bank strike on January 31 and February 1 in India. This comes after wage revision talks with the Indian Banks' Association (IBA) failed. The timing of the bank strike assumes significance as it coincides with Budget Day. The Economic Survey will be presented on January 31 while Finance Nirmala Sitharaman will present Budget 2020 on February 1.
Bank Strike on January 31, February 1 in India:
The United Forum of Bank Unions (UFBU), which represents nine trade unions, announced it will hold a two-day nationwide strike on January 31 and February 1 after talks over wage revision failed to make headway with the Indian Banks' Association (IBA). UFBU has also decided to hold a three-day strike from March 11-13.
"From April 1, we have decided to go on an indefinite strike," UFBU state convenor Siddartha Khan told PTI.
UFBU is seeking at least a 15-per cent hike, but the IBA has capped the raise at 12.25 per cent, he said. "This is not acceptable," Khan said. The last wage revision meeting was held on January 13.
Last week too, banking services took a hit as scores of employees joined a bank strike in several parts of India on January 8. Several public sector banks were affected due to the strike, part of the nationwide Bharat Bandh. Banking services like cash withdrawal and deposits were affected at several bank branches where employees did not come for work and participated in the protest.
Branch activities including cash withdrawal deposits in public sector banks in many places across the country were affected due to the strike. Most of the lenders had informed their customers in advance about the strike call given by All India Bank Employees Association (AIBEA), All India Bank Officers’ Association (AIBOA), BEFI, INBEF, INBOC and Bank Karmachari Sena Mahasangh (BKSM), and its impact on banking services.
Why the bank strike:
Unions are demanding wage revision settlement at 20 per cent hike on pay slip components with adequate loading. In the past wage settlement, which was for the period November 1, 2012, to October 31, 2017, the employees got a 15 per cent hike. The wage revision for employees of public sector banks is pending since November 2017.