Union Bank’s 7% workforce set for strike today; stock slips ~1%

27 Sep 2024 , 02:38 PM

Union Bank of India, a Mumbai-based public sector bank, is set to go on strike on September 27, 2024, with around 7% of its personnel, largely customer care associates and office assistants, participating. The walkout is being planned by JFUBU, or the Joint Forum of Union Bank Unions, which includes AIUBEF, AIUBSF, UBSA, and UBIEU (Delhi).

In an official statement to the Securities and Exchange Board of India (SEBI), the bank clarified that, while the majority of unions had postponed their strike, the joint forum had chosen to proceed. The bank admitted that services at some branches and administrative offices may be disrupted, but it is working to mitigate the damage.

The All India Union Bank Officers’ Federation (AIUBOF) and All India Union Bank staff’ Association (AIUBEA), which represent the majority of officers and staff, put off their planned strike on September 25 after a conciliation conference in Delhi mediated by the Chief Labour Commissioner.

This discussion addressed significant concerns made by the unions, such as workforce shortages, recruitment methods, work-life balance, and transfer policies. The result was an agreement with management that required the formation of committees to handle these issues within 60 days. The unions acknowledged their delight with these guarantees, claiming that the bank’s assurances had temporarily averted their walkout.

However, the Joint Forum, which represents a tiny but substantial section of the workforce, has decided to proceed with its strike plans. Their demands include the immediate recruitment of clerks, the non-implementation of the apprentice system, and the resolution of long-standing concerns for casual employees.

Initially, the Joint Forum scheduled its strike for September 30. In reaction to AIUBOF and AIUBEA’s original strike date of September 27, the Joint Forum changed their strike date to match the other unions. Despite the majority unions eventually withdrew their strike plans, the Joint Forum remains dedicated to carrying out its action on September 27.

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