The Indian government has decided to keep in abeyance the implementation of the performance-linked incentive (PLI) scheme for employees of public sector banks (PSBs) for 2025-26 (FY26). Decision came following the meeting between Finance Minister Nirmala Sitharaman and delegation of bank employees representing different PSBs, led by the Bharatiya Mazdoor Sangh, which raised several issues concerning the banking sector and employees. Besides, the decision comes ahead of nationwide bank strike call given by United Forum of Bank Unions (UFBU) pressing for various issues, including PLI scheme.
The delegation has sought a review of ex-gratia, medical facilities for retired employees and changes in the existing PLI structure applicable to PSB employees. Taking cognisance of the concerns raised, the government has decided to keep in abeyance the implementation of the PLI Scheme dated November 19, 2024, for FY26. Further, the finance ministry has noted that government will take up the matter during the ongoing bipartite settlement/joint note discussions. Besides, the government reiterated its commitment to resolving issues through dialogue, consultation and mutual understanding in the larger interest of bank employees, customers and the banking sector.
Under the government's scheme, officers in Scale IV and above could receive PLI of up to 365 days of basic pay based on individual performance, while workmen employees and officers up to Scale III would receive a maximum of 15 days' basic pay plus dearness allowance. Bank unions have objected to the government's PLI scheme, saying it differs from the understanding reached with the IBA that performance-linked incentive would be linked to the overall performance of individual banks and would be uniform for employees and officers up to Scale VII.
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