Diwali Festive Bonanza for Public Sector Bank (PSB) Employees

Chennai: It’s a Diwali bonanza for public sector bank (PSB) employees. Their accounts are being credited with part wage arrears even before the final agreement on the wage revision between the unions and the management. It’s happening for the first time in the India’s banking history. “The employees can opt out or take the part arrear payments. If they take the part arrear, the amount credited will not be less than Rs 50,000 and may even exceed Rs 1,00,000,” a PSB employee told. According to him, the move will swell the government’s tax revenue kitty and spur the economy in a small way as bankers will spend the money. PSB employees are waiting for wage revision since November 2017. Despite 30 rounds of talks between the United Forum for Bank Unions (UFBU) and the Indian Banks’ Association (IBA) since 2017, wage agreement is not yet in sight. On October 1, the IBA had written to heads of PSBs and private banks, which are part of the bipartite settlement, to pay ad hoc amount equivalent to a month’s salary (basic pay + dearness allowance) and adjust it during final payments after the wage settlement agreement. “The government has stolen the unions’ thunder by paying part wage arrears. Normally, the wage arrears are paid after signing of the wage agreement between the unions and the management,” he said. The management has offered 12 per cent wage revision. Since the final percentage would not go below that, the banks had decided to calculate the wage arrears and pay, the banker said. (IANS)

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