FM Nirmala Sitharaman puts the PSB PLI Scheme on hold for FY 2025-26 after bank employees raise concerns over incentives and service benefits.
Finance Minister Nirmala Sitharaman has decided to put the PSB PLI Scheme on hold for the financial year 2025-26 after bank employees raised concerns over the existing Performance Linked Incentive framework.
Sitharaman met a delegation representing employees of various public sector banks (PSBs) on Monday. The delegation was led by the Bharatiya Mazdoor Sangh and presented several issues concerning the banking workforce and the existing incentive system.
PLI Scheme for FY 2025-26 Kept in Abeyance
Following the discussions, the Finance Minister decided to keep the implementation of the PSB PLI Scheme in abeyance for FY 2025-26. The decision relates to the PLI scheme issued on November 19, 2024.
The move comes after employee representatives highlighted concerns regarding the way the existing incentive structure operates. The government will now consider the matter as part of the ongoing Bipartite Settlement and Joint Note discussions.
Employees Raise Multiple Banking Sector Issues
During the meeting, representatives raised several demands related to the welfare and working conditions of bank employees.
Among the issues discussed were a review of ex-gratia benefits, improved medical facilities for retired bank employees and changes to the current PLI framework applicable to public sector bank staff.
The delegation sought consideration of these issues through discussions with the government and other stakeholders.
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Government Opts for Further Consultation
The decision to keep the PSB PLI Scheme in abeyance means the matter will now be discussed through the ongoing Bipartite Settlement/Joint Note process. This mechanism provides a platform for discussions between employee representatives and the banking industry on service-related matters.
The Finance Ministry said the government intends to address employee concerns through dialogue, consultation and mutual understanding.
Focus on Bank Employees and Banking Sector
The government has emphasised that discussions on employee-related matters should take into account the interests of bank staff as well as customers and the wider banking sector.
The PSB PLI Scheme will therefore remain part of the discussions as employee representatives and the concerned stakeholders examine possible changes to the existing framework.
For public sector bank employees, the decision provides an opportunity for their concerns regarding incentives, benefits and other service conditions to be considered before implementation of the scheme for FY 2025-26.
The PSB PLI Scheme issue is now expected to be taken up during the ongoing negotiations, with the final course of action to depend on the outcome of these discussions.
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