IDBI BANK GETS VARIABLE PAY SURPRISE

Ignoring a Government advisory, IDBI Bank, the public sector bank, has moved to a variable pay structure for its officers, who will now have a 70% fixed salary component. The shift to variable pay structure has been implemented by the bank from the salaries for January 2010.  It was also reported that the revised salary scheme had been implemented with retrospective effect and the bank would pay arrears over the next few days. The Managers and Executives of the bank were surprised with the move, since there was no mechanism in place to measure their performance.


Source: http://www.business-standard.com/india/news/idbi-bank-gets-variable-pay-surprise/384355/