WHETHER TIME IS RIPE FOR A JOINT APPEAL BY THE ENTIRE FINANCIAL SECTOR OFFIERS AND EMPLOYEES
I was surprised to see an insertion in THE ECONOMIC TIMES CHENNAI EDITION DT 08 MARCH 2010 BY LIC CLASS I OFFIERS ASSOCIATION informing the policy holders and others the meager offer of the government and the reality. It was a reasonable coverage highlighting the pathetic situation .
I n one or two of my earlier postings to the pay commission update blog I also made an appeal to the influential members of the banking sector to draft a suitable insertion like this in detail and circulate to various dailies including the pink papers.
The advantage of highlighting the status is as follows.
Customers can come to know where we are standing. They are thinking financil sector employees are best paid in INDIA.
They also can get a first hand information of what the VI th pay commission exactly means to central govt employees when compared to the government claim of 28%
How liberal approach the government has made when accepting the pay commission recommendations and public sector pay hike as a follow up effect at the time of general elections at a very huge debt burden.
We can put a question to the real bosses in the government language mainly CUSTOMERS that why government is shying away in extending the parity of wages.
This can be highlighted through mails to the politicians also and seeking their support
LIC is much better placed than the banks as the staff cost to total profit is a t a historical low of 6% , best among the financial sector. They can even seek parity with RBI scales considering the monopoly and undisputed position that they are enjoying in the Life insurance business.
Government is in a hurry to offer the most notorious figure of 17.5% to them also on par with bank employees which itself is running in trouble. When SBI wants to have upper hand by more or less doing same type of job except some government transactions, there is nothing wrong in LIC employees union / officers federation to break from the tradition of following the bank wages ands insist to settle a superior scale for them.
THE TIME IS RIPE FOR CONSOLIDATION AND JOINING OF ALL FINANCIAL SECTOR EMPLOYEES/OFFICER EMPLOYEES UNDER THE UMBRELLA OF ALL INDIA FORUM OF FINANCIAL SECTOR OFFICERS AND EMPLOYEES.(WITHOUT UNITY THE WORD UNITED AT PRESENT LOST ITS SIGNIFICANCE.) AND DEMAND IMMEDIATE WAGE REVISION ON PAR WITH SIXTH PAY COMMISION BY RETAINING THE EXISTING INTERNEL PARITY WITHIN THE SECTOR
AND FORCE THE GOVERNMENT TO GO FOR A SEPARATE FINANCIAL PAY COMMISSION WITH SUITABLE TERMS OF REFERENCE. PENDING THE COMMISSION REPORT AN INTERIM RELIEF OF 30% TO THE WAGES AS ON 01.11.2007 SHOULD BE ANNOUNCED. ONE MORE PENSION OPTION HAS TO BE RLEASED IMMEDIATELY AS IT IS NOT AN OPTION IN THE STRICTEST SENSE AS IT WAS DENIED EARLIER AFTER AMENDING THE PENSION REGULATIONS. THAT MISTAKE TO BE RECTIFIED WITHOUT ADDITIONAL COST BY ABSORBING THE SAME . DPRE 01.11.2002 RETIREES SHOULD ALSO BE COVERED UNDER 100% NEUTRALISATION SCHEME WIYTHOUT COST CALCULATION.NO OTHER METHOD IS GOING TO GIVE SATISFACTION TO THE OFFICERS SECTOR IN PARTICULAR AS NEITHER IBA NOR LIC MANAGEMENT ARE WILLING TO GIV E A STARTING PAY OF 15600+5400 GRADE PAY+DA +30% HRA , EVEN THOUGH IT IS GENUINELY JUSTIFIED ,WHICH IS RUPEES TEN THOUSAND MORE ON AN INITIAL STARTING BASIS.EVEN AFTER THE PROPOSED 17.5 % WAGE HIKE
WHY THE CONCERNED TRADE UNION LEADERSHIP HESITATING TO TAKE UP THE MATTER FORCEFULLY. WHY THIS SILENCE AND CASUAL APPROACH IN SETTLEMENT IS A RIDDLE KNOWN ONLY TO THE TOP ECHELONS OF POWER. POOR FINANCIAL SECTOR EMPLOYEES /PENSIONERS ARE ONLY SEEKING RELIEF WITHOUT DIRECTION OF WHAT TO DO AND BLAMING THEIR OWN FATE FOR TAKING THIS PROFESSION BY MISTAKE.
I MYSELF RESIGNED IN 1976 FROM A LECTURER POST IN A UNIVERSITY TO TAKE UP CLERICL JOB AND I CLIMBED UPO SCALE III LEVEL AND\ TOOK VRS UNER VRS 2000 SCHEME AND OPTED FOR PENSION.25 year sservice completed.
From 4940 pension in 2001 just at the time of VRS , now I am getting a pension of 12300 . Courtesy Supreme court for 5 years addition plus DA increase of 90 slabs now . No PENSION UPDATION.No 100% NEUTRALISATION. Everywhere there is a pit fall and UFBU mishandling and messing the entire thing since 2001.
Had I continued as a lecturer I would have drawn a basic of around 39100+ grade pay of 8000 maximum as an asst professor and ended with a pension of nearly 23000+plus DA . which may 150% more. No promotion was assumed . Only ill luck and cruelty of fate. Majority of the 1976 batch consists of post graduates who preferred clerical position to teaching position. Such was the attraction of the job at that time.
WILL THE AUTHORITIES CONECRNED CAN GIVE LIBERAL WAGE REVISION TO THE ENTIRE FINANCIAL SECTOR AND RECTIFY THE MISTAKE THAT THEY ARE DELIBERATELY COMMITTING BY OFFERING 17.5% MEAGER INCRESE AND SPOILING THE FINANCIAL SECTOR AS A WHOLE
.IN EVERY CAMPUS SELECTION THE FINANCIAL SECTORS ARE PAY MASTERS . BUT OUR IBA / MINSITRY OF FINANCE WANTS TO TREAT THE SECTOR SHABBILY.
CA C AMPUS SALARY IS AROUND 6 TO 7 LAKHS. GOING UPTO 12 LAKHS. WHETHER BANKS CAN AFFORD TO GET CA S TO MANAGE THE AUDIT DEPARTMENT BY OFFREING A SALARY OF MORE THAN THAT OF THEIR DGMS OR GMS.
SOMETHING WRONG IS GOING ON SOME WHERE AFFECTING THE ENTIRE FINANCIAL SECTOR EMPLOYEES AND PENSIONERS. THAT BLACK SHEEP WHO IS PREVENTING THE JUSTIFIED INCREASE TO THE FINANCIAL SECTOR EMPLOYEES AND PENSIONERS HAS TO BE IDENTIFIED AND ORGANISATIONALLY FIGHT IT OUT. THEN ONLY THESE EMPLOYEES ALSO CAN GET GOOD SALARY .
NO POLITICAL CLOUT.
TILL THAT TIME PRAY YOUR ISHTA DEIVAM/KULA DEIVAM . NO OTHER WAY.
K BALASUBRAMANIAN
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