Bank staff ink wage revision pact with IBA

Alternate Saturday holiday for the bank staff

GN Bureau | May 25, 2015


#bank   #staff   #holiday   #Saturday   #Sunday   #wage   #revision  

Benefitting nearly 1 million employees of the state-run banks, old generation private banks and some large foreign banks, the bank unions and the Indian Banks’ Association (IBA) on Monday formally signed an agreement to increase salary and allowances by 15%. The wage revision is effective retrospectively from November, 1, 2012.

The wage settlement also includes a medical insurance scheme for the families of employees.

Following the wage revisions, the scale of pay of officer-level employees has been revised from Rs.14,500–Rs.52,000 to Rs.23,700–Rs.85,000, including special allowance and dearness allowance.

The scale of pay of workmen-non-subordinate has been revised from Rs.7,200–Rs.19,300 to Rs.11,765–Rs.31,540, while the scale of subordinate staff has been revised from Rs.5,850–Rs.11,350 to Rs.9,560–Rs.18,545, including allowances, IBA said in a statement.

On February 23, the parties had announced a deal under which employees would be given 15 per cent wage hike on pay-slip components, which will result in an additional salary burden of Rs 4,725 crore per year.

Under the February agreement, both the parties had agreed to settle all the pending issues in 90 days.

The agreement for which the employees have repeatedly struck work, says state-run bank employees will be able to get an off on alternate Saturdays.

This is a departure from the current practice, where employees work for half-day on Saturdays. To compensate for this, they have agreed to work full day on alternate Saturdays.

Wage revision in state-run banks is done every five years and the last was done in 2007.

Too many holidays

Meanwhile, the IBA feels that bank holidays declared under the Negotiable Instruments Act, 1881, by various States are ‘excessive’ and need to be rationalized.

After detailed deliberations, the members agreed that there was a case for implementation of a five-day week in banks.

This would require that clearing houses, RTGS/NEFT and currency chests are also closed on second and fourth Saturdays.

The IBA has already taken up the matter with the Reserve Bank of India seeking its consent to enable it to take up the matter with the Government and the Finance Ministry for issuing necessary Gazette notification. It was here that the IBA managing committee felt that holidays declared under the Negotiable Instruments Act, 1881, by various State Governments needed to be rationalised.

The committee felt that the IBA may take up with the Centre the case for rationalisation of bank holidays under the Act.

The IBA’s line of thought was given expression in a letter to the sponsor banks of regional rural banks, seeking their view on having second and fourth Saturdays as holidays and other Saturdays as full working days.

Their input will help usher in uniformity across the industry and ‘enable us at the earliest to proceed further in the matter,’ the letter said.

It went on to add that “we have already taken up the matter regarding rationalisation of bank holidays under the Negotiable Instruments Act with the Finance Ministry.

“We have also requested the Reserve Bank to consider suspension of clearing functions and RTGS/NEFT on second and fourth Saturdays and have full-day clearing services on other Saturdays like any other weekday.”

Comments

 

Other News

Yogi in politics, TN industries shift base and, how to end the Maharaja’s misery

Everyone in Yogi Adityanath`s office declares that Yogi’s political career is founded on the work carried out from there, first when he was mahant of the influential temple, and then as an MP. Vijendra Singh, who works at the office, says “It’s because of these letters that Yogiji has n

A fifth of Rs 29 lakh crore are NPAs

Banks have advanced a staggering Rs 29,46,060 crore to the industrial sector, of which Rs 6.93 lakh crore are non-performing assets (NPAs).   Finance minister Arun Jaitley informed

Demonetisation not meant to change cash use by people: Harvard economist

 Here are 10 things that Kenneth Rogoff, Thomas D Cabot professor of public policy, department of economics, Harvard University, and author of `The Curse of Cash`, said about demonetisation at the Delhi Economics Conclave 2017: 1. The core idea for demone

Ashok Malik is press secy to president

As Ram Nath Kovind readies to take charge as president, the government is forming his team, naming three officials.    Ashok Malik, former journalist and commentator known for his pro-right views, will serve as the press secretary to the president. Bharat Lal, Gujarat&rs

To understand Modi saga, look at the Vaghela story

Back in the early 1990s, Shankarsinh Vaghela was (or at least perceived to be) more popular of the two people running the BJP show in Gujarat. Today, the other man is the prime minister, and Vaghela is reduced to a footnote – albeit an important one – in the Narendra Modi saga. &n

‘Not just Muslims, everyone is in fear and awe of Yogi Adityanath’

At 70, Dr Aziz Ahmad, a well-known homeopath and politician now with Congress, still has a busy practice in Abu Bazaar, in old Gorakhpur. During working hours, the lane in which he has a clinic becomes jam-packed with patients and their vehicles. People speak of naming the lane after him.





Video

कश्मीर पर तीसरे पक्ष की मध्यस्थता स्वीकार नहीं - महबूबा

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter