The proposed one-day nationwide strike by bank employees on June 12 has been deferred, following an understanding between Indian Banks' Association and unions over pension and wage issues.
The decision was taken by bank unions at a meeting with IBA representatives, on the directive of chief labour commissioner, in Mumbai.
"IBA has agreed on the pension issue and the wage increase. In view of the understandings reached, we have decided to defer the strike on June 12," United Forum of Bank Unions convenor C Venkatachalam told PTI.
UFBU is the umbrella body of bank unions in the country and consists of members from public, private and foreign banks.
In 1990s, bank employees were given an option to have provident fund or pension. Those who had opted for PF are now demanding another chance to choose pension.
Other demands of UFBU include compassionate appointment with retrospective effect from 2004, ban on outsourcing of auxillary services and wage revision.
Two actuaries appointed by IBA and UFBU had pegged the cost to implement another pension scheme at Rs 17,000 crore (Rs 170 billion), out of which Rs 6,000 crore (Rs 60 billion) need to be generated, Venkatachalam had earlier said.
