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Taxation on Staff Benefits & Performance Feedback Mechanism: Joint Forum of Union Bank Unions Plans Agitation
Joint Forum of Union Bank Unions (JFUBU) has called for a massive protest and submission of a memorandum on 30 December 2024, opposing income tax on concessional loans and a performance feedback mechanism.
Author: Abhivad
Published: December 27, 2024
The Joint Forum of Union Bank Unions (JFUBU), comprising AIUBEF, AIUBSF, UBSA, and UBIEU (Delhi), has announced a mass demonstration and deputation programme to protest against two contentious issues affecting bank employees.
The primary concerns outlined by the JFUBU include the imposition of income tax on interest-free or concessional loans provided to employees and the introduction of a performance feedback and review mechanism for award staff. According to the circular, these measures have caused significant distress among employees, affecting their mental well-being and creating unhealthy competition.
( The circular from JFUBU detailing the agitation programme.)
Tax on Staff Benefits
Public Sector Bank employees have been facing uncertainty over a retrospective tax on concessional loans after the Supreme Court upheld their taxability in May 2024. This ruling followed a long legal battle initiated in 2007. Bank of Baroda has decided to bear the tax liability, alleviating the financial strain on its employees. State Bank of India is assessing the issue but has not made an official decision.
In contrast, Punjab National Bank and Union Bank of India have asked employees to pay the tax themselves. Other banks remain undecided, leaving employees waiting for clarity and hoping for supportive measures. It is in this context that the agitation call by JFUBU gains significance.
(A poster released by JFUBU for the publicity of the agitation programe.)
Agitation Programme
The forum has called for the submission of memoranda to Zonal and Regional Heads through deputation, accompanied by demonstrations at zonal and regional offices on 30 December 2024. Draft memorandum will be shared by the Joint Forum Headquarters for uniform communication.
The JFUBU noted that these issues reflect broader policies that could adversely affect employees’ financial and mental health. The forum has called upon all employees and associated unions to unite and actively participate in the protest programme. Terming this as the beginning of a more extensive movement, the JFUBU plans to escalate their agitation post the current protest if their demands are not addressed.