As per bipartitie settlement what is the delayed interst on employee final terminal benefits
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Indian National Bank Employees' Federation (INBEF), the banking wing of Indian National Trade Union Congress (INTUC) has asked the government to remove disparity in pay scales, pension or other terminal benefits amongst employees of public sector banks (PSBs) and those of the union government.
"In spite of several negotiation meetings with Indian Banks' Association (IBA), the United Forum of Banks' Unions (UFBU) has failed to arrive at wage settlement which is overdue since November 2017. However, initially the ministry of finance had given signals that wage settlement of bank employees should be finalised before the expiry of earlier agreement, practically in spite of several representations having been submitted to the ministry wage revision is yet to be finalised. This is not the first time that wage settlement has been delayed. In the past also similar delay occurred in spite of nine constituents coming together. In the present settlement a vertical split is being noticed amongst constituents of UFBU which has weakened the bargaining power of UFBU," says Subhash Sawant, general secretary of INBEF.
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