Government puts executive PLI Scheme in Public Sector Banks on hold; AIBOC calls it victory of collective unity
New Delhi, September 8
The Department of Financial Services, Ministry of Finance, has decided to keep in abeyance the payment of Performance Linked Incentive to Scale IV to VIII executives of Public Sector Banks for the financial year 2025-26, following widespread representations from bank employees.
In a communication issued on Monday to the Chairman of State Bank of India and the Managing Directors and CEOs of all Nationalised Banks, the DFS stated that the matter would instead be taken up during the ongoing 13th Bi-partite Settlement/10th Joint Note discussions. The PLI Scheme for Whole Time Directors and Senior Executives of PSBs was originally notified by the department on November 19, 2024.
The order issued by DFS on Monday was also marked to the Chief Executive of the Indian Banks' Association, Mumbai.
Reacting to the development, Rupam Roy, General Secretary of the All India Bank Officers' Confederation (AIBOC), said the government's decision reflected the impact of sustained resistance by the banking community.
"We received a communication from the Department of Financial Services (DFS). It appears that the Government has relented in the face of the united and collective voice of the banking fraternity and has decided to keep the proposed PLI for Executive Grades in abeyance," Roy said in a statement.
He described the outcome as a direct result of the collective opposition mounted by the United Forum of Bank Unions (UFBU), strengthened by ongoing agitation and the threat of strike action.
However, Roy pointed out that the unions' long-standing demand for a Five-Day Work Week for bank employees remains unresolved, despite an earlier agreement. "The agreement was signed long ago, and there can be no justification for any further delay in its implementation," he said.
Roy added that a conciliation meeting has been scheduled for tomorrow before the Chief Labour Commissioner (Central), where the UFBU will review the progress made and decide on its future course of action.
"The struggle continues. Unity has delivered movement on PLI; our collective resolve must now secure Five-Day Banking," Roy said.
— ANI
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