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Bank staff unions, Indian Banks’ Association agree on 15 per cent wage hike

Bank staff unions, Indian Banks’ Association agree on 15 per cent wage hike

Finance
NEW DELHI | MUMBAI: Bank employees' unions and the Indian Banks' Association (IBA) have reached an agreement for a 15 per cent annual hike in wages, a move that will result in an additional yearly outgo of nearly Rs 7,900 crore by lenders. The decision was taken at a meeting held between the IBA -- representing managements of banks -- and members of the United Forum of Bank Unions (UFBU) representing workmen unions and officers' association. The wage revision would be effective from November 2017, according to the agreement signed by bank unions and the IBA. The annual wage increase in salary and allowances has been agreed at 15 per cent of the wage bill as on March 31, 2017, which works out to be Rs 7,898 crore on payslip components, as per the agreement. Close to 37 banks, including ...
BA owner burns ‘£178m of cash a week’ as airline ramps up war of words with unions

BA owner burns ‘£178m of cash a week’ as airline ramps up war of words with unions

Business
British Airways (BA) has told staff its parent firm is burning through £178m of cash a week and the airline does not have "an absolute right to exist" as a row with unions intensifies.In a letter to staff seen by Sky News, BA chief executive Alex Cruz rounds on the GMB and Unite unions, calling a campaign to take Heathrow landing slots away from BA "bizarre" and a threat to jobs. He criticises the government for damaging the industry though the introduction of a 14-day quarantine period from Tuesday as the coronavirus pandemic eases. Image: BA boss Alex Cruz: 'The BA of tomorrow will be a smaller company' The letter to staff, sent after the Home Secretary unveiled the plans yesterday afternoon, says "the government has dealt another b
Coronavirus: Self-employed need financial help, unions warn

Coronavirus: Self-employed need financial help, unions warn

Business
Media playback is unsupported on your device Financial help is urgently needed for the five million self-employed workers hit by the coronavirus pandemic, trade unions and a former cabinet minister have urged.Conservative MP David Davis said the economy could suffer a near "fatal seizure" if they were not protected.The government is to pay 80% of salaries of staff kept on by employers.But Treasury minister Stephen Barclay said it would be "operationally" hard to protect self-employed incomes.He said the self-employed were being helped by measures such as the deferral of self-assessment tax requirements, payment holidays for mortgage payers and the strengthening of the welfare "safety net".Frances O'Grady, general secretary of the Trades Union ...
Businesses and unions welcome grants to cover 80% of workers’ pay

Businesses and unions welcome grants to cover 80% of workers’ pay

Business
Union and business leaders have largely welcomed news that the government will pick up "most of" the wages of workers as the coronavirus pandemic continues to shred the UK economy.Chancellor Rishi Sunak said on Friday that government grants would cover 80% of staff salaries for those who are kept on by their employer but are unable to work. The new coronavirus job retention scheme will cover wages up to £2,500 a month. Mr Sunak said he would do "whatever it takes" and called his plans "an unprecedented economic intervention to support the jobs and incomes of the British people".TUC general secretary Frances O'Grady said the announcement was "a breakthrough", adding: "Employers across the economy can now be confident that they will be able to pay their wage bills.