Bank unions call nationwide strikes over five-day work week, PLI scheme

The United Forum of Bank Unions (UFBU), an umbrella body representing major bank employee and officer unions, has called a series of nationwide strikes to press for the implementation of a five-day banking week and the withdrawal of the government’s revised performance-linked incentive (PLI) scheme.

The unions have announced a one-day all-India strike on September 11, a three-day strike from September 28 to 30, and an indefinite strike from October 26 if their demands remain unresolved.

UFBU said the Indian Banks’ Association (IBA) had agreed under the 12th Bipartite Settlement and 9th Joint Note signed in March 2024 to introduce a five-day work week, but the proposal is still awaiting government approval more than two years later.

The unions have also opposed the Finance Ministry’s revised PLI framework, alleging it is discriminatory as it offers substantially higher incentives to officers in Scale IV and above based on individual performance.

According to UFBU, while most employees would be eligible for a maximum incentive equivalent to 15 days of basic pay and dearness allowance, senior officers could receive incentives of up to 365 days of basic pay.

The matter is currently under conciliation before the Chief Labour Commissioner and is also being litigated in the Delhi High Court. UFBU has demanded that the PLI scheme be kept in abeyance and modified through consultations with unions.