WHAT TO BE DONE TO BANKMEN

WHAT TO BE DONE TO THE BANKMEN

RBI governor has earnestly taken up the matter in the right time to set the things right.
First and foremost thing is to appoint a financial pay commission comprising of retired judge just like sixth pay commission for government employees with terms of reference covering the comparable wages prevailing in the country, nature and risk of the duties performed by them, wages as ratios of profitability, improving the profitability by increasing the spread at the same time by offering good rates to the depositors also. This point also RBI governor has made. There is no need for offering lowest rate to the poor retail depositors and senior citizen and offering loan at concessional rates to the industry lobby whose number in the forbe list is improving year by year. The companies can very well absorb some two or three percentage of high interest without eroding their profitability much. Growth /gdp will not get affected just because the corporate sector is going to absorb a few percentage point more.
AN IMMEDIATE RELIEF OF 20 % INCREASE IN BASIC SALARY ACROSS ALL LEVELS WITH THE SAME LEVEL OF INDEX IN LIEU OF Grade PAY, WITH HRA RATE AS APPLICABLE TO ,CENTRAL GOVERNMENT EMPLOYEES WILL ARREST THE POSSIBLE EXODUS FROM OFFICERS LEVEL AND DECENTLY QUALIFIED CLERICAL LEVEL TO OTHER AREAS NOT NECESSARILY TO BANKS AS THE WAGE THAT THEY ARE DRWAING IS PATHETICALLY LOW AFTER THIS REVISION ON A COMPARABLE BASIS.THIS WILL ALSO REDUCE THE TENDENCY TO TAKE VRS AND GOING FOR OTHER JOB.
IN CASE OF OFFICERS THE DIFFERENCE IS HUGE AS NO PERSON WITH HIGH INTELLIGENT ORDER AND WHO CAN GET A JOB EITHER IN PUBLIC SECTOR OR GOVERNMENT SHOULD FIND THE BANK JOB ATTRACTIVE AS OF NOW.THE DIFFERENCE IS MORE THAN 2 LAKHS ON CTC BASIS AT ENTRY LEVEL.
Retaining the existing employees by increasing the salary by 40% immediately as an interim pay and increase in HRA is most important as they have to deliver good stuff and train the manpower that may enter at the rate of 30 to 40 thousand on an annualized basis in the coming four to 5 years.
GOVERNMEENT CAN INSTRUCT IBA TO ABSORB THE NOTORIOUS FIGURE OF 1800 CRORES and give a relief to pensioners also.
Before 01.11.2012, the date of next wage revision the financial pay commission should submit its final recommendation that should bind on both parties. The interim pay should be adjusted from that date. IT can be synchronized with VII th pay commission afterwards. BIPARTITE SETTLEMENTS SHOULD BE GIVEN A BURIAL IMMEDIATELY IF GOVERNMENET IS REALLY CONCERNED WITH THE GROWTH OF FINANCIAL SECTOR. The present set of committee will not recommend any increase as they are not having positive mindset to improve the conditions of bank employees. NO RESULT WILL COME FROM THEM INSTEAD THEY SUGGEST SOME IMPRACTICABLE THINGS WHICH MAY BENEFIT ONLY FEW THOUSANDS AND NOT TO ALL. They are not inclinations to do things . If they are, then the recently concluded settlement should be totally different and there is no need for RBI governor to interfere. He did so because of his genuine interest in the growth of the interest being the head of the central bank of the country. The same type of wisdom/concern was not there either with the banking division of finance ministry /IBA . The political leadership were kept totally dark as bank unions/IBA were not in a position to convince the PM who himself played a role in shaping the financial system and also our senior most FM from whom bank men expected liberalized wage /pension package /full neutralization of DA to old pensioners and pension up dation .
AT LEAST GOD CAN SHOW SOME MERCY THROUGH RBI GOVERNOR AND LET THE BANK EMPLOYEES/PENSIONERS ALSO CAN DERIVE IMMEDIATE BENEFIT LIKE TWO TO 3 CRORE CENTRAL/STATE /PUBLIC SECTOR AND OTHER SECTOR OF EMPLOYEES WITH GOVERNMENT ASSISTANCE.

K BALASUBRAMANIAN RETIRED SENIOR MANAGER UNDER VRS
PENSION OPTEE