:::::SRI S.B. RODE, OUR BELOVED PRESIDENT, AICBOF AND OFFICER DIRECTOR ON THE BOARD OF CENTRAL BANK OF INDIA HAS BEEN COOPTED AS GENERAL SECRETARY, AICBOF IN E.C. MTG. HELD AT MUMBAI ON 24.02.2014:::::MR. S.C. GUPTA, GEN. SECRETARY OF OUR AHMEDABAD UNIT HAS BEEN COOPTED AS PRESIDENT, AICBOF::::::WE CONGRATULATE THEM AND WISH THAT THE OFFICERS' MOVEMENT IN CENTRAL BANK OF INDIA WILL BE TAKEN TO NEW HEIGHTS:::::LONG LIVE CBOA:::::LONG LIVE AICBOF::::::LONG LIVE AIBOC:::::

CBOA-AP CIRCULAR NO. 022 DATED 12.08.2014

CBOA-AP issued its circular No. 022 dated 12.08.2014 reproducing the circular issued by AICBOF on letter sent by AIBOC to IBA on the “DELAY IN 10TH BIPARTITE WAGE REVISION NEGOTIATIONS.” We are placing the same here for our readers.

CIRCULAR NO.: GS: 2014: 022                                                  Date: 12.08.2014

TO ALL OFFICERS                                                                    PLEASE CIRCULATE

Dear Friends,

We reproduce hereunder the Circular No. CIRCULAR/GS/2014/21 dated 12.08.2014 received from our Federation for your information.

With best regards                                                                        
           
Yours sincerely
Sd/- (C.A. MALLIKARJUNA RAO)
GENERAL SECRETARY
..................................................................................................

QUOTE
We are reproducing hereunder circulars received from Shri. Harvinder Singh, G.S. AIBOC, for information of officers.

Letter sent to IBA

DELAY IN 10TH BIPARTITE WAGE REVISION - NEGOTIATIONS

We acknowledge receipt of your letter No. HR & IR/UFBU/XBPS-4/465 dated 8th August 2014.

As advised earlier, it is desirable to take forward the negotiations in the interest of everyone to create a better atmosphere and avoid unpleasantness. It is quite natural that the negotiation process contains agreements/disagreements and warrants reasonable efforts for arriving at a consensus on the areas of disagreements. For the purpose, the negotiations need to continue considering the interests of everyone concerned towards expeditious settlement.

The process of negotiation was similar even in the earlier bipartite negotiations, where consensus was arrived at and finally was reached subsequent to reconciliation of differences through negotiations. It will not be out of place to mention here that even the Negotiating Committee of IBA has not offered the increase in wages to the tune of 11% pay slip components at one stroke but in stages during the course of negotiations

Hence, we request you to immediately resume the wage negotiations without any further delay, so as to exchange our views and explore the possibility of reconciling the difference and arriving at a consensus by taking a balanced view to ensure expeditious settlement of Tenth Bipartite Wage Revision.

Please treat the matter as EXTREMELY URGENT and we shall be glad to have your immediate response in this regard. 

Please acknowledge receipt of this communication and advise us the position

**********


STAFF HOUSING LOAN TO BANK EMPLOYEES

Our members are aware that we had taken the issue of staff housing loan for enhancement of loan limit and interest rate with IBA. The issue was referred to Government of India on 29th March 2014 by IBA. We are pleased to inform you that, Government of India, after examination has decided to convey the concurrence of Government to IBA that 'PSBs may decide the matter related to Staff Housing Loan Policy with the approval of it's Board. Board may suggest if it feels to be part of wage revision'.
        
TRANSFER OF FEMALE EMPLOYEES IN PUBLIC SECTOR BANKS
MINIMISING THEIR HARDSHIP

Communication received from Government of India to all Banks
To
           
Chairman,
SBI/CMDs of all Public Sector Banks including IDBI and SBI Associates

Subject: Transfer of female employees in Public Sector Banks-minimizing their hardship.

Sir,

It has been brought to the notice of this Department that female employees of Public Sector Banks (PSBs), married or unmarried, when placed/transferred away from their husbands or parents, as the case may be, to distant locations face a genuine hardship and develop a feeling of insecurity. Keeping this in view, it has been decided:

  i.      To accommodate as far as possible placement/transfer of married female employee, on her request, at a place where her husband is stationed or as near as possible to that place or vice versa; and

   ii.    To accommodate as far as possible placement/transfer of unmarried female employee, on her request, at a place where her parents, are stationed or as near as possible to that place.

PSBs are, therefore, advised to frame a policy on the subject with the approval of their Board suitably incorporating the above and take immediate action for implementation and compliance. Pending requests may also be considered under these guidelines. A line of confirmation may be sent to this Department immediately after adoption of the policy by the Board of the Bank.

This issues with the approval of Secretary (Financial Services).
                                                                                                                
Yours faithfully,
Sd/-
(Manish Kumar)
Under Secretary to the Government of India
UNQUOTE

Yours sincerely,
SD/
(S.B.RODE)                                                     

GENERAL SECRETARY                       

CBOA-AP CIRCULAR NO. 021 DATED 04TH AUGUST 2014

CBOA-AP issued its circular No. 021 dated 04.08.2014 reproducing the circular issued by AICBOF on the “PLIGHT OF THE OFFICERS AND UNTHOUGHTFUL ATTITUDE OF THE MANAGEMENT AND THEIR TANTRUMS”. We are placing the same here for our readers.

CIRCULAR NO.: GS: 2014: 021                                           Date: 04.08.2014

TO ALL OFFICERS                                                            PLEASE CIRCULATE

Dear Friends,

We reproduce hereunder the Circular No. CIRCULAR/GS/2014/20 dated 29.07.2014 received from our Federation for your information.

With best regards                                                                        
           
Yours sincerely
Sd/-
(C.A. MALLIKARJUNA RAO)
GENERAL SECRETARY
....................................................................................................

PLIGHT OF THE OFFICERS
UNTHOUGHTFUL ATTITUDE OF THE MANAGEMENT
AND THEIR TANTRUMS SHALL NOT PAY

The setbacks in performance parameters in our Bank since last year are an alarming factor which requires more debates and discussions. More importantly, it should be the endeavor of the Management to balance the expectations versus reality and build consensus that actions and results will be calibrated. However, from our meetings with Corporate Management, we observe that the approach is still impracticable and actions are only focused to harass branch heads on flimsy grounds. The officers round the country are approaching us with a feeling of helplessness generated due to the approach of management.

The issues which are shared by the officer colleagues are listed as under for the information.

1.     Declining / rejecting genuine claims of leave.

Branch managers are not allowed to avail a day’s casual in emergent situation. They are scolded on the issue of achievements of targets. Are the branch heads slaves of the management? It is beyond imagination that branch heads can anticipate the eventualities before 30 days as expected by management. The way officers have been ill-treated and humiliated is unprecedented. It is sorry state of affairs that branch heads are treated as if they are criminals. Young brigade Branch managers recently posted; have feeling that declining leave increases their unhappiness which turns in to anger and disgust, ultimately affecting the performance of the branch. Even the leave applied for own marriage or the joining leave upon the transfer are declined / curtailed, thereby jeoparding self respect and confidence level.  Indeed, the healthy and conducive atmosphere can turn around the whole situation prevailing in the Bank.

2.     Achievement of targets.

The officers are being forced to sit late, attend the office on holidays and Sundays and compelled to fulfill unrealistic and arbitrarily fixed targets without the required infrastructure, manpower and support of the management. Every other day Branches get targets for new tasks. Reasonable targets depending upon potential of the area and with the adequate staff strength need to be fulfilled but not by targeting the field functionaries in the name of manpower budget, which has become tragic case in our Bank. It is a feeling in officers community, especially in the generation next, that the excercise of categorization of branches is only with a view to deprive the promotional avenues and create frustration.

3.     Attitude and actions of the Management.

On the one hand, the officers are under tremendous pressure for achieving business targets and on the other, facing unprecedented situation of conflicting decisions from various executives. A large number of rural branches, there are hardly one or two officers including the Branch Manager. The bank as a whole is suffering from severe shortage of officers. It is surprising that some of the Zonal / Regional heads have preferred to issue memos for not achieving the business targets. Zonal / Regional heads are acting like "SUBHEDARS" and implementing their own agenda. They have gone to such a extent that they are refusing even to discuss matters of officers interest thereby provoking all organizations.

Management is under the impression that branch managers have "ALLADIN KA CHIRAG" for achieving the growth standards. The speed in which the applications for VRS / Resignation are received is the indicator of dictatorial attitude of management. A good management funda prevailing in the industry is RETENTION POLICY, whereas our Bank is adopting the EXIT POLICY. Our effort to bring number of violations to the notice of management, an attitude of WE DON’T CARE has been adopted.

4.     Who is responsible for present position?

Every now and then and in each meeting, Zonal & Regional heads are showing their concern regarding unimaginary loss posted by our Bank, for March 2014. In their communications to branch heads; it is also highlighted as to the huge NPA in our Bank. The few MCBs and top management are the architects of such a huge provision, NPA and loss to the Bank. It is surprising that Bank is attempting to pass the burden of these failures on the shoulders of common masses of officers who are pillars of Bank.

We hope that management will understand the importance of peaceful Industrial Relations for the development and growth of our Bank. But, the management is creating a situation of strife amongst the branch heads resulting in to industrial unrest.

Friends, please be patient. We will come back to you at the appropriate time.

LONG LIVE OUR UNITY

WITH GREETINGS

Yours sincerely,
Sd/-
(S.B.RODE)                                                     
GENERAL SECRETARY                      


CBOA-AP CIRCULAR NO. 020 DATED 24.07.2014

CBOA-AP issued its circular No. 020 dated 24.07.2014 reproducing the circular issued by AICBOF on “ARBITRARY CHANGES MADE BY THE MANAGEMENT IN PETROL REIMBURSEMENT SCHEME TO BRANCH MANAGERS”. We are placing the same here  for our readers.

CIRCULAR NO.: GS: 2014: 020                                            Date: 24.07.2014

TO ALL OFFICERS                                                               PLEASE CIRCULATE

Dear Friends,

We reproduce hereunder the Circular No. CIRCULAR/GS/2014/19 dated 21.07.2014 received from our Federation for your information.

With best regards                                                                      
           
Yours sincerely
Sd/-
(C.A. MALLIKARJUNA RAO)
GENERAL SECRETARY
...................................................................................................

ARBITRARY CHANGES IN ADDITIONAL PETROL REIMBURSEMENT SCHEME TO BRANCH MANAGERS

From the various circulars issued by our Corporate Management, you must have been realized, by now, that our Management is least sensitive about the feelings of the field functionaries / Branch Managers who are the pillars of our esteemed institution. The clear example of mockery of this is the circular issued regarding additional petrol reimbursement facility hitherto available is converted in such a way as a weapon given to the sanctioning authorities to decline the genuine claims.

FRIENDS, IT IS A CLEAR CASE OF HITTING ONE MORE NAIL ON THE HEADS OF BRANCH MANAGERS AND AT THE SAME TIME ENSURING A PINCH IN THE SHOES. 

We are reproducing a communication sent to our G.M. HRD on this blazing issue for the information of officer community.

Quote
We have come across yet another circular issued by the management as to the curbing of facilities without imagining pros and cons of such arbitrary decisions. Such approach is clearly exhibit that our management continues to indulge in actions violative of harmonious Industrial Relations in the Bank.

Management has suddenly came out with its decision to link the additional petrol reimbursement facility available to Branch Managers based on the STP / MTP performance and so called star awards. This decision is totally illogical and a step towards de-motivating the field functionaries and rather to block the business development activity of the Bank.

"It is believed in the Banks business development theory that to lose one customer, it takes few seconds and alternatively to gain one new customer it takes months together."

If our management believes on this simple fundamental fact, they would not have preferred to issue such a circular unilaterally. The way the circular is drafted, it is giving a message as if the procedure is simplified and to the benefit of the branch managers. Actually it is a weapon given to Sanctioning authorities to decline the claim of additional petrol. This is clear case of not evaluating the human assets in proper perspective. In other words, if you want productivity and other financial rewards that goes with it, YOU MUST TREAT YOUR BRANCH MANGERS AS YOUR MOST IMPORTANT ASSETS.

DEAR MANAGEMENT, DOES IT HAPPEN IN CENTRAL BANK OF INDIA? DO YOU TREAT EMPLOYEES AND OFFICERS AS ASSETS? TOUCH YOUR HEART AND SAY. HAVE THE COURAGE TO ADMIT THAT YOU DON'T.

The top management on one hand is instructing the field functionaries to be on the wheels and not to sit in the cabin and on the other hand stopping wheels by curbing the additional petrol reimbursement facility. It is also a feeling amongst the officer community that management is quoting examples of peer Banks as to their performance but keeping silent over the facilities available in those Banks. 

The wasteful expenditure at corporate level is reaching to new heights which should be the matter of examination and not curbing of such small gestures which will be the matter of gratitude. You will appreciate that not granting equal treatment to thousands is bound to result in serious industrial dispute.

We demand for restoration of earlier system of additional petrol reimbursement.
Unquote

Officers are advised to be aware of this TRAP fabricated by the management. You can observe what an atmosphere is prevailing in our Bank. Can the officers be allowed to face such a treatment? Our organization feels it cannot be. No one relishes the struggle but when one is pushed to the wall, what choice is left?

Yours sincerely,
Sd/-                                                                            
(S.B.RODE)                                                   

CBOA-AP CIRCULAR NO. 019 DATED 15.07.2014

CBOA-AP issued its circular No. 019 dated 15.07.2014 reproducing the circular issued by AICBOF on AN UNTHOUGHTFUL INCIDENCE AND APPROACH OF MANAGEMENT. We are placing the same here for our readers.

CIRCULAR NO.: GS: 2014: 019                                                  Date: 15.07.2014

TO ALL OFFICERS                                                                    PLEASE CIRCULATE

Dear Friends,

We reproduce hereunder the Circular No. CIRCULAR/GS/2014/18 dated 15.07.2014 received from our Federation for your information.

With best regards                                                                        
           
Yours sincerely
Sd/-
(C.A. MALLIKARJUNA RAO)
GENERAL SECRETARY
..........................................................................................................

AN UNTHOUGHTFUL INCIDENCE AND APPROACH OF MANAGEMENT

The critical phase in which our Bank is passing, it is rather pertinent that management should assiduously peruse the policies which can create a healthy atmosphere. However, to our great distress the situation is reaching to a level where the patience of the officers is weaning out and they are living in a situation of uncertainanty, fear and tension. As a result one of our officer colleagues has gone to the extreme step of committing suicide due to the coercive approach of management. We are reproducing below the communication to the management for your information.

“It is a matter of profound grief and the shockful incidence that took place at Regional Office Sambalpur, where Mr. B.B.Pradhan, Chief Manager has preferred to take such a extreme step of committing suicide which has been confirmed by autopsy report. Despite restraint, one is compelled to record that the whole matter seems to be dubious and questionable. You will appreciate that there is a limit to which the officers can be pressurized and burdened with heavy load of work. If the management does not realize and understand the ground realities, the officers would not be in a position to continue to hold the unbearable work load, pressure, tension of fulfilling targets and fear of unthoughtful disciplinary actions. This embarrassing episode is a matter of anger in the minds of officer community in our Bank and may outburst in any way. It is primary duty of the management that there should be endeavour in bridging gap between law and life.

In the instant case, the member was physically handicapped to the tune of 60% as certified by Government Medical Board and was also getting handicap allowance. In spite of this fact, the member was not retained in the same station on promotion. He was transferred to Sambalpur violating Government guidelines despite his repeated requests and representation. To our utter surprise, the member's request for reversion was also not considered by the management.

At the cost of repetition, we reiterate that the feeling of fear psychosis is increasing in the minds of officer community, who are working under tremendous pressure. And it will be utmost wiser step to understand the present scenario in our Bank, rather than shy away from them or pretending that they do not exist.

Incidentally, you must be aware of the awful incidence in Punjab National Bank, where the officer in scale IV committed suicide due to despotic approach of higher management of that Bank. Though the Bank management has suspended two senior top executives, this buck does not stop here and save the fate of bereaved family due to untimely and unnatural death of an officer. AIBOC, the apex body of our organization has taken a serious note of such unparalleled incidences.

We are afraid that if the management will not evaluate human asset in proper perspective there is fear of repeating such tragic episodes. Is management waiting to have more victims to open their eyes?  We as an organization cannot allow such a situation to prevail. We demand to resist from harassment, humiliation of officers and fix up the accountability for the unnatural death of late Mr. B.B. Pradhan”

Further, recently there was a similar case of suicide in Punjab National Bank, for which AIBOC has taken serious note. We are reproducing the circular issued by AIBOC for your information.

“The incident of suicide committed by Com. Ajay Sehgal, Chief Manager, Sector 20, Panchkula of Punjab National Bank has touched the raw nerve of the rank and file in all banks. The suicide note left behind naming the Circle Head & Field General Manager, PNB, Chandigarh, responsible for this suicide found by the Police authority, has raised serious questions about the philosophy and human resource policies pursued by most Public Sector Banks (PSBs). The issue was highlighted by the local as well as national print media relentlessly and later on by the Television channels.

One will wonder why the entire officers’ class in Punjab National Bank as also in other PSBs were so agitated and anguished by this singular event. The answer lies in the methodology adopted by top functionaries of most PSBs to achieve business targets. The new emerging trend in most PSBs is the belief of top management that the only way of increasing business and meeting targets is by instilling fear amongst junior officers and field functionaries.

Officers are working under tremendous pressure due to acute shortage of staff, lack of proper infrastructure and poor service condition. While Bank’s business has grown many fold & number of branches doubled over the last decade, commensurate recruitment and retention did not take place not only to take care of this additional business but also to man the new branches, which increased stress level across the workforce. AIBOC has been taking up these issues through various fora.

In the evening of 2nd July 2014 the news of suicide of Com. Sehgal reached the entire country. In the morning of 3rd July 2014 the suicide note of Com. Ajay Sehgal was found and FIR was lodged by Police. Leaders of AIPNBOA immediately took up with CMD of PNB through SMS & letter on the same day demanding immediate action.

In absence of any immediate response from the Management, AIPNBOA took up the issue with AIBOC and on 4th July, 2014, chalked out an action programme.  We extended solidarity & called upon all affiliates to join the action programme of AIPNBOA through our SMS / Circular No.47 dated 04.07.2014. 
 
On 5th July, 2014, noon, the Top Management of PNB discussed the entire issue with the leadership of AIPNBOA and expressed sorrow over the unfortunate death of the officer and called for maintaining restrain in this hour of crisis.

On the night of 8th July 2014, PNB Management took further action and suspended both Circle Head & FGM, Chandigarh pending enquiry as demanded by AIPNBOA”

Friends, let's prey to almighty for the eternal peace to the departed souls and to grant their family members the strength to bear this irreparable loss. It is time to take a oath against vindictive butchery approach of management and this is also the time to arise and awake and we should not stop till our goal is reached. That will be the true homage to the departed souls.

Yours sincerely,
Sd/-
(S.B.RODE)                                                     
GENERAL SECRETARY


CBOA-AP CIRCULAR NO. 018 DATED 30.06.2014

CBOA-AP issued its circular No. 018 dated 30.06.2014 reproducing AICBOF circular on THE MEMORANDUM SUBMITTED BY THE UFBU TO THE F.M. We are placing the same here for our readers.

CIRCULAR NO.: GS: 2014: 018                                        Date: 30.06.2014

TO ALL OFFICERS                                                             PLEASE CIRCULATE

Dear Friends,

We reproduce hereunder the Circular No. CIRCULAR/GS/2014/17 dated 30.06.2014 received from our Federation for your information.

With best regards                                                                   
           
Yours sincerely
Sd/-
(C.A. MALLIKARJUNA RAO)
GENERAL SECRETARY
...........................................................................................................

“We reproduce, hereunder, the copy of the memorandum submitted by the UFBU to the FM for your information.

“We submit, for your kind perusal and information, the present position with regard to the negotiations between the Indian Banks’ Association (IBA) and United Forum of Bank Unions (UFBU) on the revision of wages and service conditions of Bank employees/officers.

United Forum of Bank Unions (UFBU) is the umbrella forum of 5 workmen unions and 4 officers’ associations in the Banking Industry covering 1 million workmen and officers and is currently on wage negotiations with Indian Banks’ Association (IBA).  The wages and service conditions in the Banking Sector are governed by the Industry-level Bipartite Settlements signed between the IBA and the Negotiating Unions/Associations of Bank employees/ officers.  The term of the last settlement (9th bipartite agreement) came to an end on 31.10.2012 and the revision of wages and other service conditions has become due since 01.11.2012.

            UFBU has submitted its Charter of Demands to IBA on 30.10.2012 before expiry of the previous Bipartite Settlement and requested IBA to adopt a time-bound programme to hold the negotiations on the demands and to expedite the settlement as early as possible.  More than 10 rounds of discussions have taken place between IBA and UFBU so far on the issue but IBA is delaying the settlement. Despite a lapse of 20 months since starting of negotiations, no significant improvement is made towards expeditious conclusion of settlement.  Moreover, IBA is offering the least increase quoting non-affordability of banks in paying higher wages partly because of increase in Non-Performing Assets (NPAs).


PERFORMANCE OF PUBLIC SECTOR BANKS:

In Public Sector Banks, the profitability, Business per employee and Profit per employee are on the increasing trend only, which is also the basic yardstick for measuring the affordability of banks for increase in wages.  The data relating to public sector banks as on March 2012 vis-à-vis the position as on March 2007 is furnished below for your kind reference:

S.No.
Particulars
As on March 2007
As on March 2012
01
Number of Branches
49,573
67,930
02
Total Business
Rs.33 lac Crs.
Rs.85 lac Crs.
03
Operating Profit
Rs.42,655 Crs.
Rs.1,16,335 Crs.
04
Business per Employee
Rs.7.55 Crs.
Rs.15.01 Crs.
05
Profit per Employee
Rs.4.57 Crs.
Rs.8.42 Crs.

It is evident from the above statistical data that the performance of Public Sector Banks is impressive and continuously on the increase.  Whereas the bank employees are not compensated with adequate remuneration in relation to the types of jobs performed and the risks involved thereat.

Our demand for respectable revision of wages considering the due share in the prosperity of the banks on account of increasing profits is just and reasonable.  The erosion in profits is mainly due to apportioning of huge amount of profits towards provisions and write-offs of bad loans, which cannot be attributed as a reason for denying our just legitimate demand.  The brief details of such provisions and write-offs of bad loans in the last years are furnished hereunder:
(Rs. In Crores)
Year
Gross Oper Profits (Rs.)
Provns made
for Bad Loans (Rs.)
Bad Loans
Written-off (Rs.)
Net Profit
(Rs.)
2008-09
66,972
11,121
6,966
34,392
2009-10
76,861
18,036
11,185
39,257
2010-11
99,981
29,830
17,794
44,901
2011-12
1,16,335
38,177
15,551
49,514
2012-13
1,21,943
43,102
27,013
50,583

a.    OTHER FACTORS JUSTIFYING OUR DEMAND FOR INCREASED WAGES:
             The spiraling rate of inflation has made the life of bank employees miserable and also eroded the value of their earnings; The wages should go well with the present standard of living, which has undergone a remarkable change with increase in basic requirements; Due to the increase in attrition rate, more number of employees needs to be recruited and reasonable wages need to be offered to retain them inasmuch as, the other comparable sectors offer more to their employees.  This would not only encourage and motivate the employees but also would ensure perfect growth of the institution.

b.    WAGES IN OTHER COMPARABLE SECTORS:

01
Coal India Ltd.
25% increase in Gross Wages
02
Steel Authority of India Ltd.
16% increase in basic and D.A Plus 6% increase in Perks
03
Indication by the previous Govt to 7th Pay Commission
30 – 35% salary hike
04
Interim Relief
The interim relief provided by various State Govts and others ranges between 25% and 30%

It may not be out of place to mention here the observations of the Tribunal headed by Shri Sastry, popularly known as ‘Sastry Award’ that the Bank employees and officers deal with huge amount of public money, hence it is all the more necessary to compensate them with adequate salary and allowances so that they are contended and do not succumb to the temptations that often come in their way, oftener than in most other industries. Historically, bank employees and officers were paid higher salary than the Government employees and officers of comparable levels due to various factors like accountability, transferability, responsibility and role-sensitivity. However, subsequent Pay Commissions have given a go by to the concept of pay parity and the salary of bank employees and officers has come down substantially when compared to their peers in the country particularly after implementation of Sixth Pay Commission and consequent salary revisions in other public sector undertakings. Presently, the bank employees and officers are far below their peers in respect of Salary and Allowances.

The percentage increase in the last wage revision, i.e., 9th Bipartite Settlement, for bank employees/officers was capped at 17.5% on total cost, though the revision in other public sector undertakings was in the range of 23-25%, because of additional cost on account of one more option to pension.  The spiraling cost of living and the high rate of inflation in the last years made the life of common man miserable.   As against the reasonable demand of 25% increase in the pay slip components, the IBA has offered a very meager 11% increase in pay slip components.

Banks also have affordability for a respectable wage revision due to the increasing trend in the profitability of all banks and also considering the fact that the cost of wage bill would slide down due to reduction of staff strength on account of huge retirements.  The scheduled retirements of around 15% of employees during the 5-year settlement period would automatically reduce the wage bill expenses even if replaced by recruitment”

Further developments would be informed shortly.

Yours sincerely,
Sd/-
(S.B.RODE)                                 
GENERAL SECRETARY