...........IBA is likely to ask for a 25 per cent rise for the 800,000-odd employees in the 10th bipartite agreement on wage revision. The rise is due with effect from November 2012. Though wage settlement negotiations usually go on for about two years, as bank unions begin with very high expectations, this time the government might settle by the end of 2013, since general elections are due in 2014. "If PSBs have to run like a professional company, then why not behave like one and move to the CTC concept? We have given this suggestion to IBA,"...............
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The next wage settlement in banking industry will have to factor in, among other things, the following ground level realities:
i) After the introduction of New Pension System (NPS), there are two categories of employees in banks. The claims of employees covered by NPS for higher wages factoring in the reduction in real wages on account of subscription to NPS and the need to save more to ensure income comparable to the pension available to the employees who joined earlier than them are genuine.
ii) Industry parity. Workmen staff/Officers doing similar work in different categories of banks will have to be given comparable wages, additional compensation being provided for extra work.
iii) Outsourcing. Let us not forget Maruti experience. Employees who are on regular employment of banks, even on contract, will have to be given clarity about their absorption in the institutions and a living wage till then. Circumventing labour laws is not in the long term interest of industry.
iv) Institutions will have to revisit the recruitment policy (right from basic qualifications needed), career progression (traditional path is no more relevant or practical) and placement policy (rural posting, need for special skills etc.)
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