The Hindu : National : Bank salary agreement for five years

Online edition of India's National Newspaper
Wednesday, Nov 24, 2004

National

National

Bank salary agreement for five years

MUMBAI, NOV. 23. Bank employees are to get a 13.25 per cent increase in their salary under an agreement signed here today between nine unions and the Indian Banks Association (IBA) wrapping up negotiations spanning two years.

Under the settlement, bank managements get more flexibility to deploy human resource.

The agreement was signed under the banner of United Forum of Bank Unions, representing over 10-lakh employees, including over two-lakh officers of nationalised banks, the IBA chairman and Chief Managing Director of Bank of Baroda, P.S. Shenoy, said tonight.

"This agreement is for five years up to 2007 involving 13.25 per cent rise in wages for both officers and award staff."

The crucial issues of staff mobility and deployment of technology have been settled with the unions, he said, adding banks would now have flexibility to implement IT plans and deploy surplus staff from urban branches to rural areas.

An employee's union official, however, said staff could be transferred to other districts only against vacancies.

Even if they were transferred to other districts it would not be more than a distance of 100 km from the headquarters, he said, adding the transferred employee would have to be brought back within three years.

Wage benefits for officers were about Rs. 900 crores and that for clerical and other staff were over Rs. 1,200 crores, the union official added.

PTI

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