My View on "PRR invokes RTI in 'public interest'":
There is no logic or rationale for linking pension revision-an issue which has been remaining undecided for decades- and regular wage revision. Having got messed up, let us have a look at both the issues.
Pension revision:
RBI has a funded pension scheme. RBI Pension Regulations when introduced, it was accompanied by an assurance about periodic revision vide RBI circular of March 13, 1992. Even if GOI wants to bring about any change in periodicity of revision of RBI Pension, it is appropriate to allow the present revision(The 1997 revision though under implementation is according to GOI still in dispute) which is overdue even if the periodicity is 10 years.
Wage revision:
Historically, RBI wage revision follows wage revision in banking industry. Current negotiation between IBA and bank unions has not reached any finality. In the present scenario, various components of remuneration package will have to be revised at different intervals. If periodicity of revision of basic pay is to be 10 years instead of the present 5 years, the rise will have to be 30 to 40 percent against the present offer of 10 to 15 per cent. In any case all these should form part of the negotiation of the next wage settlement to be made effective from November 1, 2012 as the earlier settlement expired on October 31, 2012.
Why we are discussing this:
Because, some vested interests in the bureaucracy have successfully confused the thought process of decision-makers. I believe, Dr Raghuram Rajan is capable of independent thinking.
- M.G.Warrier
No comments:
Post a Comment