Latest Banking News
The bugle for the 10th bipartite banking sector wage agreement has been sounded, with five employee unions giving charters of demands for wage revision and service conditions to the Indian Banks’ Association (IBA) last week.
The ninth bipartite settlement signed on April 27, 2010, between IBA, the All Indian Bank Employees’ Association (AIBEA), the National Confederation of Bank Employees, the Bank Employees Federation of India, the Indian National Bank Employees’ Federation and the National Organisation of Bank Workers was effective for the period between November 1, 2007, and October 31 this year.
C H Venkatachalam, general secretary of AIBEA, said there was a strong case for a substantial increase in wages and allowances, along with better facilities, owing to consistently high inflation. He added job profiles had undergone change and there was a sharp rise in expenditure on housing, transportation, health care and education.
In their submission, the unions said the revised wage structure from November 1 should reflect the merger of dearness allowance (DA), payable at the average index for July-September, with salaries. They have also demanded the DA be based on the Consumer Price Index 2001=100 series, instead of the 1960=100 series. They said the revision in DA should be according to a monthly variation in the index.
And, every one-point rise or fall in the index should lead to a revision in the DA, they said. The DA compensation should be 110 per cent for clerical staff and 120 per cent for subordinate staff, they said.
The unions said though the business volume had increased, the number of employees hadn’t risen. From 4,70,000 as on March 31, 2007, the number of employees had fallen to 4,50,000 as on March 31 this year. About 30 per cent of public sector bank employees across all levels would retire in two to three years.
N Seshadri, executive director of Bank of India, said banks would provide for a wage increase on a pro rata basis from the third quarter of 2012-13.
Seeking a change in the current framework for pension, unions said the New Pension Scheme (NPS) should be withdrawn and all new employees (from April 1, 2010) covered by NPS should be brought under the Pension Regulation, 1995.
The cost on superannuation benefits should be over and above the negotiated wage cost, they added.
Source : Business Standard (6/11/12)
The bugle for the 10th bipartite banking sector wage agreement has been sounded, with five employee unions giving charters of demands for wage revision and service conditions to the Indian Banks’ Association (IBA) last week.
An official with IBA confirmed the initial interaction of the union representatives. The officers’ union would follow suit. IBA would have to secure the mandate of each bank to negotiate on their behalf. For this, banks would have to secure approvals from their boards of directors.
Click Here to view expected pay scale for officersThe ninth bipartite settlement signed on April 27, 2010, between IBA, the All Indian Bank Employees’ Association (AIBEA), the National Confederation of Bank Employees, the Bank Employees Federation of India, the Indian National Bank Employees’ Federation and the National Organisation of Bank Workers was effective for the period between November 1, 2007, and October 31 this year.
| Some previous settlements | ||
| Settlement | Year | Estimated gains (Rs crore) |
| 5th | Aug 1, 1979 | 252 |
| 6th | Sep 19, 1984 | 388 |
| 7th | Apr 10, 1989 | 818 |
| 8th | Jun 02, 2005 | 1,288 |
| 9th | Apr 27, 2010 | 2,577* |
| *Plus pension option cost Source: Unions demand charter | ||
C H Venkatachalam, general secretary of AIBEA, said there was a strong case for a substantial increase in wages and allowances, along with better facilities, owing to consistently high inflation. He added job profiles had undergone change and there was a sharp rise in expenditure on housing, transportation, health care and education.
In their submission, the unions said the revised wage structure from November 1 should reflect the merger of dearness allowance (DA), payable at the average index for July-September, with salaries. They have also demanded the DA be based on the Consumer Price Index 2001=100 series, instead of the 1960=100 series. They said the revision in DA should be according to a monthly variation in the index.
And, every one-point rise or fall in the index should lead to a revision in the DA, they said. The DA compensation should be 110 per cent for clerical staff and 120 per cent for subordinate staff, they said.
The unions said though the business volume had increased, the number of employees hadn’t risen. From 4,70,000 as on March 31, 2007, the number of employees had fallen to 4,50,000 as on March 31 this year. About 30 per cent of public sector bank employees across all levels would retire in two to three years.
N Seshadri, executive director of Bank of India, said banks would provide for a wage increase on a pro rata basis from the third quarter of 2012-13.
Seeking a change in the current framework for pension, unions said the New Pension Scheme (NPS) should be withdrawn and all new employees (from April 1, 2010) covered by NPS should be brought under the Pension Regulation, 1995.
The cost on superannuation benefits should be over and above the negotiated wage cost, they added.
Source : Business Standard (6/11/12)
2 comments :
PSU banks and PSU insurance companies are earning thousand crores of profits every year and the profitability is increasing day by day. They are also doing business well. But when a proper salary/compensation matters, the hard-working and mostly honest employees/officers of the above-mentioned are lagging behind day to day comparable to other sectors including Central Govt. employees, other Maharatna and Miniratna employees. Perhaps it seems that there are no value of our valuable vote to any so-called political leaders of our country. The leaders are much more worry about other workmen excluding Bank and Insurance employees. Also it seems that the Bank and Insurance Companies do not take any part for overall growth or contribute to economy or helps to build the nation for so many years. It sounds bitter but very true that the youths of our country are no longer attracted to such a hard working and low paying mere jobs. Today bank and insurance jobs in India have lost their dignity and social prestige due to such a low salary structure. Every year, large scale recruitments are done by the Banks, but most of them left the jobs (especially clerks grade) after getting another job, however the job is. It is because almost all entry-level jobs in other sectors, be it Central or State Govt., it pays much more comparable to banks and insurance companies. So my advice to all the youngsters of India that do not waste your valuable time to get a PSU bank or insurance jobs. There are no future holds for them in those sectors at present. The political leaders, PSU bank managements and the bank unions- none of them have not any interest to resolve the wage revision and other HRM related issues. Believe me or not- nothing will happen in 10th BPS or Wage Revision-2012 of insurance companies. We would get our due arrears in 2015 after a mere increase of 15-20%. It will be HISTORIC, is not it?
dear friends these all r only dreams that we have get better wage as compare to anywhere bcoz all our union leaders & political leaders r chatte batte of same plate they wont to see a better industry so that day will come soon when no better talent has left in this industry ...................i m quitting this job bcoz i m getting better industry bt how many will get they all bechare will feel shamful whenever they will meet their friends.........\" wakai is desh me bhut economical defferences hain ik bechare garib ps bank employees aur other badhiya pay perks wale central and state govt employees uper se garibo ko hmesha kam ke bojh tale daba diya jata hain they r really labours...bechare..........
Post a Comment