MUMBAI, OCT 31: Wage negotiations held today between the five bank unions of the country and Indian Bank Association (IBA) proved inconclusive, as the unions rejected IBA's suggestion of classifying banks on the basis of their profitability in wage revision.The five unions that took part were All India Bank Employees Association, National Confederation of Bank Employees, Bank Employees Federation of India, Indian National Bank Employees Federation and National Organisation of Bank Workers, while IBA was represented by its chairman A T Pannir Selvam and other members of the negotiating committee.
IBA had proposed to classify banks as `A', `B' and `C', offering 9 per cent, 8 per cent and 7 per cent overall load respectively based on the industry's wage bill on March 31, 1998.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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