Employees unions and IBA reach an agreement on wages and holidays on Saturdays
GN Bureau | February 23, 2015
The nation can heave a sigh of relief as public sector banks employees' have decided to withdraw the four day scheduled from February 25. This follows an agreement with the Indian Banks Association (IBA) to increase wages by 15%, on Monday. The 15 percent hike is on the pay slip components (like basic salary, dearness allowance) and does not include other components.
The twenty-eight public sector banks in the country have a combined employee strength of about eight lakh.
The unions had threatened the strike to press wage-hike demand. The wage revision of the employees is due since November 2012. Earlier, unions had deferred one-day strike of January 7 as IBA improved the wage-hike offer to 12.5 per cent from 11 percent. They also postponed a four-day strike from January 21. In December the unions had struck work for four days on rotation from December 2.
Most state-run banks have been reporting huge losses or steep decline in net profit amid rising bad loans and record low credit growth.
IBA had earlier offered a 13 percent hike which will put a burden of Rs 4,095 crore on the banks, against the unions' demand of 19.5 percent hike which would increase the salary bill by Rs 10,000 crore per annum.
The unions are also demanding a five-day week as in other public sector undertakings and regulated banking hours against the present system of not having defined working hours for officers.
However, the five-day week was not acceptable to the government, and regulated hours were not feasible either as the daily work has to be completed anyway.
Monday's agreement gives bank staff full holiday on second and fourth Saturdays and the bank would work full days on the other remaining Saturdays in a month.
India’s Silicon Valley has received the top spot as the world’s most dynamic city in the latest Jones Lang LaSalle (JLL) City Monument Index report. Earning the top position among 131 other commercially active cities over a period of three years, Bengaluru has been hailed for it
The total donations (above Rs 20,000) declared by the national parties was Rs 469.89 crore, from 4,201 donations, revealed a report by Association for Democratic Reforms (ADR). The report gives the details of donations received by seven national parties: Bharatiya Janata Party (BJP), Indian National Congre
The National Agricultural Market or e-NAM scheme was launched in April 2016 with the aim of eliminating middlemen, who make wild profits while farmers make a pittance. By trading on the online platform, farmers would be able to sell their produce across locations, seeking out the best payers. But two years
It is an incredible sight. As our small boat moves towards the Sangam (the confluence of the river Ganga, Yamuna and mythical Saraswati at Prayagraj) much before the break of the dawn, a sea of humanity surges forward to take a holy dip in icy waters in an extremely cold weather by north India’s stan
After giving birth to two children, Sheila (name changed), a 32-year-old resident of Shahapur in Thane, Maharashtra, decided to get herself sterilised. In 2013, some workers of a primary health centre (PHC) told her about a sterilisation camp 30 km away in Saralgaon, in her mother’s village. She did
In India, 50 percent of all boys in the age group 14 to 16 can correctly solve a division problem as compared to 44 percent of all girls, reveals the 13th ASER (Annual Status of Education Report) (Rural) 2018. The nation-wide household survey provides a snapshot of children’s schooling and learning f