Context
Public-sector bank employees proceeded with a nationwide strike even after the government paused the proposed Performance-Linked Incentive scheme. Unions said their wider demands including a five-day workweek, uniform incentives and pension reforms remained unresolved.
Explanation:
- The proposed PLI linked employee payments to a bank’s financial and operational performance.
- The revised scheme covered mainly officers in Scale IV and above, causing concerns over unequal treatment.
- Bank unions demanded a uniform incentive system covering all officers and employees.
- Other demands include a five-day banking week, recruitment and better facilities for retired employees.
- Employees also seek pension reforms, including a shift from the National Pension System to the Old Pension Scheme.
- Digital banking limited disruption, but rural customers still depend heavily on physical branches.
- Banking is declared a public utility service under the Industrial Disputes Act.
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Bank Strike: PLI Reform and Banking Service Conditions