The Department of Financial Services (DFS) under the Ministry of Finance has decided to keep the payment of Performance Linked Incentive (PLI) for Scale IV to VIII executives of Public Sector Banks (PSBs) in abeyance for the financial year 2025-26, following representations from bank employees.
In a communication issued on Monday to the Chairman of the State Bank of India and the Managing Directors and CEOs of all Nationalised Banks, the DFS said the issue would be considered during the ongoing 13th Bi-partite Settlement/10th Joint Note discussions. The PLI Scheme for Whole Time Directors and Senior Executives of PSBs was notified by the department on November 19, 2024.
The communication was also marked to the Chief Executive of the Indian Banks' Association in Mumbai.
Rupam Roy, General Secretary of the All India Bank Officers' Confederation (AIBOC), said the decision demonstrated the effect of sustained opposition from the banking community. He said the government had decided to defer the proposed PLI for executive grades in response to the united position taken by bank employees.
Roy attributed the development to the collective resistance led by the United Forum of Bank Unions (UFBU), along with continuing agitation and the threat of strike action.
He, however, said the unions' long-pending demand for a Five-Day Work Week for bank employees was still unresolved, despite an agreement having been reached earlier. Roy said there was no justification for any further delay in implementing that agreement.
He also said a conciliation meeting would be held tomorrow before the Chief Labour Commissioner (Central). During the meeting, the UFBU will assess the progress on the matter and decide its future course of action.
Roy said the movement had achieved progress on the PLI issue, but stressed that the collective effort would now continue to seek the implementation of Five-Day Banking.
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