New Delhi, March 25 The United Forum of Bank Unions (UFBU), a federation 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, proposed by the Department of Financial Services (DFS), is seen by the workforce as a unilateral and divisive departure from the existing settlement-based PLI scheme, which was developed through bilateral discussions and incorporated into 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).
During the conciliation proceedings held on March 9, 2026, the issue of paying 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.
Therefore, UFBU calls upon the Department of Financial Services, the Indian Banks’ Association, and the managements of all public sector banks to immediately put all unilateral steps on hold and resolve the matter without delay through dialogue and negotiated settlement, it added.