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.
Far away in the other world, she must be weeping seeing the flames of fire she lit for justice slowly fading. On December 16, 2012, the 23-year-old Delhi woman, better known as Nirbhaya now, was brutally raped. She eventually succumbed to her injuries, but not before triggering a storm acorss the count
The rise in income inequality has been gradual in India, said the World Inequality Report which noted that at the global level, inequality has risen sharply since 1980, despite strong growth in China. The report said that inequality within world regions varies greatly. In 2016, the share of
BHEL has successfully commissioned a 54 mega watt coal-fired captive power project in Indonesia. The project located at East Kalimantan in Indonesia has been set up by BHEL for PT Citra Kusuma Perdana (PT CKP) for its coal-mining operations. For the project, B
Have things changed five years after the Nirbhaya incident? I see Delhi as the capital of protest, not just capital of rape as it is often painted. In terms of legislation, in 2013 one-stop-centres were set up after the landmark report of Justice Verma Committee and Justice Usha Meh
The winter session of parliament is starting and I am confident that it will be productive session, said prime minister Narendra Modi on Friday. He hoped that there is “constructive debate and we come up with innovative solutions to our nation`s problems”. Speaking
When prime minister Narendra Modi dedicated Kalvari submarine to the nation, it was significant for more than one reason. Not only did the submarine enhance India’s capability as a blue water navy, it also highlighted Project 75 that focused on a major exercise to build six submarines.