Monday, March 3, 2014

Bank staff eye 15% pay hike in meet with IBA

Nine unions, representing around 9 lakh public sector bank (PSB) employees under the umbrella of United Forum of Bank Unions (UFBU), are slated to meet Indian Banks’ Association (IBA) — the country’s apex bank management panel — on Monday to arrive at a wage revision settlement.
In the last round of talks that failed, leading to a nation-wide strike on February 10, the employees had cited high inflation while rejecting the management’s offer of a 10% hike in the cash component of the pay package (including basic pay, dearness allowance, house rent allowance, routine medical expenses and a special allowance, but excluding superannuation benefits, travel allowance and hospitalisation reimbursement).

Top bank management sources said even a 10% hike in the cash component would have set banks back by Rs 3,150 crore, a huge sum considering mounting bad loans and the economic slowdown, which is delaying recovery. Though the employees have not demanded any specific hike, they may agree to a “reasonable settlement” of around 15% hike in the cash component if the management agrees to take care of the expenses for their housing and medical expenses, sources indicate.
“Our readiness to agree to a low hike in the cash component will depend on the management’s readiness to accept our demands of taking care of housing as well as medical expenses of the employees and their family including hospitalisation,” CH Venkatachalam, general secretary, All India Bank Employees' Association (AIBEA), told FE. AIBEA is the country’s oldest and largest bank union with around 5 lakh employees as its members.
On February 10, when bank employees started a two-day nation-wide strike demanding higher wages, finance minister P Chidambaram had asked PSBs to ensure that a significant portion of their retained earnings is ploughed back as capital to further their business. “It cannot be that all profits are used to declare dividend and to provide enhanced wages and allowances to bank employees. While claims of officers, staff and employees must be duly acknowledged, and a fair and just (wage) settlement is arrived at, there are other claimants (declaring dividend and using part of retained earnings as capital).

1 comment :

Anonymous said...

This time Union leaders should insist for revision and update of pension of retirees.Pension should be revised in each bipartitite as in the case of central govt retirees.

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