While bank managements, under the
aegis of the Indian Banks Association, are ready to bear the burden of a 5%
increase in the payslip component of the total wage bill, trade unions in
the banking sector say the increase in not adequate if one takes into account
the rising inflation. Mohan V. Tanksale, Chief Executive, IBA,
said the offer of 5% increase in the pay slip bill was not acceptable to the
unions.
The IBAs wage negotiation committee and trade unions will meet
on January 29 to reconcile the differences. The last 5-year industry-wide wage
settlement expired in November 2012. Salaries in public sector banks and old
generation private sector banks are governed by the settlement. According
to C.H. Venkatachalam, General Secretary, All India Bank Employees
Association, the 5% hike in the payslip components of the total wage bill
works out to Rs 1,575 Cr for the banking sector and is woefully
inadequate. He pointed out that in the last settlement the pay slip bill was
much higher at Rs 4,800 Cr. When prices are increasing day by day, when
the workload on the employees has gone due to steep increase in the volume of
business, there is urgent need to increase the wages of the bank employees but
bank managements� attitude seems to very casual, he said.
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