The Government has received representation/memorandum from employees of nationalized banks and Government Insurance Companies regarding their salaries, pension and other emoluments due to the employees/officers.

The wage revision exercise in respect of employees of PSBs is undertaken through a bipartite negotiation process between Indian Banks’ Association (IBA), representing management of banks who have mandated it to negotiate on their behalf and the Unions/Associations of bank employees. The last meeting between IBA and Unions/Associations took place on 13.6.2014.

In respect of the current wage revision of insurance companies, Central Government has already requested Life Insurance Corporation (LIC) and General Insurers’ (Public Sector) Association of India (GIPSA), coordination body of four public sector general insurance companies and General Insurance Corporation (GIC) to start wage revision consultation with their employee’s unions/associations.

This information was given by the Minister of State for Finance, Smt. Nirmala Sitharaman in written reply to a question in Lok Sabha today.

Bipartite wage revision process required; management bodies asked to commence consultations with employee unions on pay and pensions. Representations from nationalized bank and government insurance employees raised claims on salaries, pensions and emoluments. Bank wage revision is to be pursued through a bipartite negotiation process between the Indian Banks' Association (as management representative) and employee unions, with recent engagement on 13.6.2014. The Central Government has asked Life Insurance Corporation, coordination bodies of public general insurers and the General Insurance Corporation to begin wage revision consultations with employee unions.