New Delhi: The United Forum of Bank Unions (UFBU), an umbrella organisation of nine unions, on Wednesday demanded the immediate reversal of the unilateral implementation of the revised performance-linked incentive (PLI) formula.
The revised PLI formula sought to be imposed by the Department of Financial Services (DFS) is viewed by the workforce as an unilateral and divisive departure from the existing settlement-based PLI scheme evolved through bilateral discussions and incorporated in the bipartite settlement/joint note framework, UFBU said in a statement.
It further pointed out that the matter is already under conciliation before the office of the Chief Labour Commissioner (Central).
In the conciliation proceedings held on March 9, 2026, the issue of payment of PLI to officers in Scale IV to VII for FY 2024-25 under the existing bipartite settlement/joint note remained under active consideration, with further steps to be taken through conciliation and bilateral discussions, it added.
In such a situation, any unilateral implementation by DFS, IBA or individual bank managements during the pendency of conciliation is wholly unacceptable and cannot be reconciled with the requirement of orderly and lawful industrial relations, it said.
UFBU, therefore, calls upon the Department of Financial Services, the Indian Banks' Association and the managements of all public sector banks to immediately keep all unilateral steps in abeyance and resolve the matter without delay through dialogue and negotiated settlement, it added.
The revised PLI formula sought to be imposed by the Department of Financial Services (DFS) is viewed by the workforce as an unilateral and divisive departure from the existing settlement-based PLI scheme evolved through bilateral discussions and incorporated in the bipartite settlement/joint note framework, UFBU said in a statement.
It further pointed out that the matter is already under conciliation before the office of the Chief Labour Commissioner (Central).
In the conciliation proceedings held on March 9, 2026, the issue of payment of PLI to officers in Scale IV to VII for FY 2024-25 under the existing bipartite settlement/joint note remained under active consideration, with further steps to be taken through conciliation and bilateral discussions, it added.
In such a situation, any unilateral implementation by DFS, IBA or individual bank managements during the pendency of conciliation is wholly unacceptable and cannot be reconciled with the requirement of orderly and lawful industrial relations, it said.
UFBU, therefore, calls upon the Department of Financial Services, the Indian Banks' Association and the managements of all public sector banks to immediately keep all unilateral steps in abeyance and resolve the matter without delay through dialogue and negotiated settlement, it added.
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