India, March 26 -- The United Forum of Bank Unions (UFBU), an umbrella organisation 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 sought to be imposed by the Department of Financial Services (DFS) is viewed by the workforce as an unilateral and divisive departure from the existing settlement-based PLI scheme evolved through bilateral discussions and incorporated in 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).

In the conciliation proceedings held on Mar...