Skip to main content

Does Modi know? Bank employees' salary hike amidst Covid-19 is 'against' people's mood

By NS Venkataraman*
It is reported that bank employees’ unions and the Indian Banks’ Association (IBA) have agreed for an annual wage hike of 15 per cent to the bank staff, a move that will result in an additional yearly outgo of around Rs 7,900 crore for the banks. As many as 8.5 lakh bank employees are set to benefit from the wage hike, which will be effective from November 2017. This means bank staff will get the salary hike with retrospective effect from November 2017.
Under the agreement reached, performance-linked incentive will also be introduced for public sector bank staff and it will be based on operating or net profit of individual banks concerned. Close to 37 banks, including public, private and foreign banks, have mandated the IBA to negotiate with bank unions on wage hikes for their staff.
Every day, people in India now hear about closure of number of medium and small scale industrial and commercial units and private companies reducing the salary of employees steeply and millions of self-employed people belonging to unorganized class going through miserable economic conditions. In such circumstances, it is totally insensitive for the bank managements to provide steep salary hike to the bank staff.
It is well known that several banks have been incurring losses and dishonest practices and scandals in the transactions of the banks are now reported too frequently. When the banks are not making profits and interest rates on deposits are being reduced, is it appropriate for the bank managements to further increase the salary of the bank staff who are already well paid? Are not the bank managements concerned about the economics of the bank operations? 
It is shocking that the bank staff would get such steep salary hike, which will make common man suspect about the social consciousness of bank staff in a period of high stress in Indian economy and difficult job scenario due to Covid-19 crisis. Possibly, some enlightened bank staff may feel embarrassed to receive such pay hike at the present time. 
At a time like this, when employees all over India are losing their jobs due to lockdown conditions, it is highly distressing that State Bank of India has opened it’s doors to former employees for different roles in the banks. As per the decision of State Bank of India (SBI), those up to 63 years of age who served in SBI as scale 1 to scale 5 officers and retired at 60 are eligible to apply.
Would Modi, constantly talking about problems of poor and downtrodden, find some way to stop salary hike for the bank staff
What is the logic in the decision of State Bank of India to reemploy retired persons, when hundreds of young people remain unemployed and aspire for jobs in the bank? It is strange that the banks are introducing voluntary retirement scheme and at the same time re employ retired persons.
It is well known that the bank unions are well organized and have the capacity and willingness to paralyse the functioning of the banks and consequently the Indian economic process , if their demands , however unjustified , would be rejected by the management and the government. Obviously, the bank managements are buying peace with the bank staff, possibly fearing strike and agitations.
One need not be surprised that guided by the “success” of the bank employees in getting their salaries raised even in the present miserable conditions in the country due to Covid-19 conditions, the other public sector employees and even government staff at central and state level would be emboldened to demand pay hike for themselves under one pretext or the other, unmindful of Covid crisis.
Certainly, this salary hike for the bank employees at the present time is bound to cause unhappiness and frustration amongst the common men. They would wonder as to whether Prime Minister Narendra Modi, who has been constantly talking about the problems of poor and downtrodden, empowerment of the distressed people and promotion of employment opportunities, would look into the matter and find some way to stop the salary hike for the bank staff and the move of the State Bank of India to recruit retired employees.
Modi can certainly understand that the above moves of the banks are against the present mood of the people and it will affect the morale of the country men, particularly the poor people who expect that the society and the government would take care of them in the present distressed period, when money is scarce both in the hands of the government and millions of people.
---
*Trustee, Nandini Voice for The Deprived

Comments

Anonymous said…
अबे हूतिए
dhiraj said…
Do you have even 5% understanding of economics bsdk. This is 1st of all not steep hike and secondly it's a pending revision since 3 years so the sufferers are bankers and not public. Y ur kind of people don't speak about cntrl govt's 7th pay commision. Bankers works 8to 9 hrs continuously in a day unlike other govt employees . Bankers are underpaid. Do some research .
Anonymous said…
are chu*** 3 year se pending tha wage revision... bank ke bare me kuch pata nai aur faltu me bakwas kar rahe ho..... central government ke officer ki salary aur bank officer ki salary pata karo fir pata chalega....tumahe jalan ho rahi he to bank me aaajao na...
Good article. No need to hike bank staff salaries.
Anonymous said…
The fact that you even think that bankers are well paid tells you know nothing about what's happening within the industry. Just because people working in the management earn millions doesn't mean that the same applies to the working class. Please do your research by comparing salaries across different industries. We're the lowest paid ones. I wonder why the Govt employees' 7th pay commission wasn't against "people's mood".

TRENDING

Why do I lend my support to voices protesting world class renovation of Gandhi Ashram?

By Martin Macwan* One would not expect an activist working on Dalit rights to join such a protest. Dalits carry unhealed trauma that Gandhi caused to Dr BR Ambedkar and the Dalit cause of effective political representation by using violent means of his own definition in the event of the Poona Pact. This apart, Gandhi’s ideas in general, which changed often, on caste were orthodox. I have nothing to add to the subject after the sharpest critique offered by Dr Ambedkar.

Swami Vivekananda's views on caste and sexuality were 'painfully' regressive

By Bhaskar Sur* Swami Vivekananda now belongs more to the modern Hindu mythology than reality. It makes a daunting job to discover the real human being who knew unemployment, humiliation of losing a teaching job for 'incompetence', longed in vain for the bliss of a happy conjugal life only to suffer the consequent frustration.

Inaccurate gender-relevant data 'spoiling' government policy on Covid social impact

By Simi Mehta*  The impact of the Covid-19 pandemic has been different across vulnerable groups. They were hit by the pandemic at various stages, whether it was accessibility to medical treatment or financial support. The second wave witnessed human suffering at a level where one can never forget the traumatized faces of people due to the inaccessibility and unavailability of essential medical services such as hospitals beds and oxygen. The probability of the third wave has also been one of the major upcoming challenges.

Flamboyant 'demagogues' adjust politics, personality in shadow of democracy

Modi, Erdogan, Bolsonaro By Ajit Singh The terms dictators and demagogues are used interchangeably in various contexts, but there is a difference. The former rule over a totalitarian states where governments are able to exercise complete influence over every aspect of citizens’ life, whereas the latter are a "wannabe dictators" but due to the system of checks and balances they are are not fully capable to create police states.

Buddhist shrines were 'massively destroyed' by Brahmanical rulers: Historian DN Jha

Nalanda mahavihara By Our Representative Prominent historian DN Jha, an expert in India's ancient and medieval past, in his new book , "Against the Grain: Notes on Identity, Intolerance and History", in a sharp critique of "Hindutva ideologues", who look at the ancient period of Indian history as "a golden age marked by social harmony, devoid of any religious violence", has said, "Demolition and desecration of rival religious establishments, and the appropriation of their idols, was not uncommon in India before the advent of Islam".

2002 riots: Gujarat assembly 'misinformed' about dereliction of duty, says ex-DGP

By Rajiv Shah  Former Gujarat topcop RB Sreekumar, an IPS officer of the 1971 batch, has alleged that the Gujarat government gave “totally false information” on the floor of the State Assembly regarding the appeal he made to the Gujarat governor for the “initiation of departmental action against those responsible for culpable negligence in maintenance of public order and investigation of genocidal crimes” during the 2002 riots.

Celebrating birthday amidst image of 'coerced, submissive' India ruled by a strong leader

Pushkar Raj*  As the weeks long birthday festivity of the leadership was being rejoiced India wide, the Covid was still raging in several parts of India. The carnival was in line with the post-Covid decisions and actions of the leadership demonstrating a pursuit of personal power and glory instead of national interest in times of disease and death.

'Devastating impact': Rural workers suffer as Govt of India NREGA budget down by 34%

Counterview Desk  A civil rights group, the NREGA Sangharsh Morcha has sent a letter to the Prime Minister and the Minister of Rural Development and Panchayati Raj stating that 34 per cent decrease in the fiscal budget of the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGA) for year 2021-22 has added to woes on India’s rural population, already suffering from “devastating impact” of the Covid-19 pandemic.

Catholic women warn: Kerala Bishop turning Church into puppet in political games

Counterview Desk A group of Catholic women under the banner Concerned Catholic Women of India has said that they are deeply concerned over "a bishop’s controversial statement" which may threaten communal harmony in India. As many as 89 Catholic women from across India have urged the Catholic Bishops’ Conference of India and its Kerala unit to take special steps to "foster peace and avoid strife."

No space for 2 lakh waste pickers in Delhi masterplan for next two decades: Study

By Our Representative  A new survey report prepared by the NGO Chintan Environmental Research and Action Group on the challenges faced by waste pickers in managing solid waste in Delhi, “Space for Waste - 2021”, has regretted that currently, there is no provision of workspace for waste workers, hence they carry out their work of segregation, repairing, and composting at different locations.