In what will surely hit bank services and cause a much-feared cash crunch yet again, about 1 million bank employees are all set to go on strike from May 30-May 31, 2018. According to Additional Chief Labour Commissioner (CLC), Rajan Verma, the strike against the low-wage hike will stand and about a million bank employees will refuse to work for at least two days unless the matter is resolved by the Indian Bank Association. The storm was caused when the Indian Bank Association announced a 2% wage hike for bank employees – a number that surely didn’t sit well with them. According to the All India Bank Employees’ Association, General Secretary, C H Venkatachalam, the meeting between United Forum of Bank Unions (UFBU) and the Indian Bank Association to dispute the low-wage hike reached no fruition, and though the United Forum of Bank Unions (UFBU) has since made several attempts to resolve the issue, the Indian Bank Association and the Finance Ministry has not paid much attention to the situation, and the strike will stand.
Against the previous hike of 15% given to bank employees by the Indian Bank Association, the 2% hike has been met with all-round disappointment and has angered bank employees as they feel that their hard work through the year has been ignored by the Indian Bank Association.
To defend their decision to give bank employees a 2% hike, the Indian Bank Association said that the low increment is due to the rising bad loans and non-performing assets of banks across the country – an aspect that bank employees feel shouldn’t be the deciding factor with regard to their wage hike.