New Delhi: Union Finance Minister Shrimati Nirmala Sitharaman held a high-level meeting with a delegation of bank employees representing various Public Sector Banks across the country.
The delegation was led by Shri Girish Arya of the Bharatiya Mazdoor Sangh and included representatives from the National Organisation of Bank Workers and the National Organisation of Bank Officers.
Shrimati Shalini Pandit, Joint Secretary in the Department of Financial Services, was also present during the discussions.
During the meeting, the delegation submitted a detailed memorandum raising critical issues affecting the banking workforce. Key matters brought to the Finance Minister’s attention included a comprehensive review of ex-gratia payments, enhanced medical facilities for retired bank employees, a complete revisiting of the present structure of the Performance Linked Incentive Scheme, and several other pressing service-related concerns.
Taking formal cognizance of the representations and the concerns voiced by the bank personnel, the Ministry announced a major decision regarding the incentive framework. The Union Government has decided to keep in abeyance the implementation of the Performance Linked Incentive Scheme dated November 19, 2024, for the financial year 2025–26.
Rather than enforcing the framework in its current form, the government will re-evaluate the incentive structure during the ongoing Bipartite Settlement and Joint Note discussions between union representatives and management. Reaffirming its stance on employee welfare, the Finance Ministry stated that the government remains fully committed to resolving all workforce matters through structured dialogue, mutual consultation, and collaborative understanding in the best interest of bank employees, customers, and the overall banking sector.