The United Forum of Bank Unions (UFBU) will be going on a nation-wide strike on January 31 and February 1, 2020 after wage revision talks with Indian Banks’ Association (IBA) failed. This would mean that bank employees will be on strike on the day the Economic Survey is presented, and the day Finance Minister Nirmala Sitharaman presents the Union Budget.

According to the All India Bank Employees Association, employee unions want wage revision settlement at a 20% hike on pay slip components with adequate loading thereof.

Other demands include five-day banking, merger of special allowance with Basic Pay, scrapping the new pension scheme and updation of pension, along with improvement in family pension.

They also want the allocation of the Staff Welfare Fund based on the bank’s operating profits, exemption from Income Tax on retiral benefits without ceiling.

They also want there to be a uniform definition of what business hours, lunch hours, etc would be in bank branches. They also want the introduction of a Leave Bank along with defined working hours for officers.

Apart from the two-day strike, the unions also said that they would go on a three-day strike on March 11, 12 and 13 and an indefinite strike from April 1, 2020.

There will also be other agitational programs that include centralised demonstrations on January 20, mass signature campaigns, display of posters, black badge wearing, among others leading up to the strike on January 31 and February 1.

This is the second major strike by bank employee unions after they went on strike on January 8, 2020 during the Bharat Bandh.