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

'Flawed' argument: Gandhi had minimal role, naval mutinies alone led to Independence

Counterview Desk Reacting to a Counterview  story , "Rewiring history? Bose, not Gandhi, was real Father of Nation: British PM Attlee 'cited'" (January 26, 2016), an avid reader has forwarded  reaction  in the form of a  link , which carries the article "Did Atlee say Gandhi had minimal role in Independence? #FactCheck", published in the site satyagrahis.in. The satyagraha.in article seeks to debunk the view, reported in the Counterview story, taken by retired army officer GD Bakshi in his book, “Bose: An Indian Samurai”, which claims that Gandhiji had a minimal role to play in India's freedom struggle, and that it was Netaji who played the crucial role. We reproduce the satyagraha.in article here. Text: Nowadays it is said by many MK Gandhi critics that Clement Atlee made a statement in which he said Gandhi has ‘minimal’ role in India's independence and gave credit to naval mutinies and with this statement, they concluded the whole freedom struggle.

A Hindu alternative to Valentine's Day? 'Shiv-Parvati was first love marriage in Universe'

By Rajiv Shah*   The other day, I was searching on Google a quote on Maha Shivratri which I wanted to send to someone, a confirmed Shiv Bhakt, quite close to me -- with an underlying message to act positively instead of being negative. On top of the search, I chanced upon an article in, imagine!, a Nashik Corporation site which offered me something very unusual. 

Don't agree on domestic subsidies, ensure food security at WTO meet: Farmer leaders

Counterview Desk  The Indian Coordination Committee of Farmers Movements (ICCFM), a top network of farmers’ organizations in India, in a letter to Piyush Goyal, Minister of Commerce and Industry, has asked him to “safeguard food security and sovereignty, even as ensuring peasants' rights" at the 13th Ministerial Conference of the World Trade Organization (WTO MC 13), to take place from 26 to 29 February 2024 in Abu Dhabi.

Sharp 61-85% fall in Tech startup funding in India's top 'business-friendly' States

By Rajiv Shah Funding in Tech startups in top business-friendly Indian states has witnessed a major fall, a data intelligence platform for private market research has said in a series of reports it has released this month. Analysing Tech startup data of Telangana, Maharashtra, Delhi NCR, Gujarat, Tamil Nadu, Karnataka and Kerala, Tracxn Technologies Ltd , the Bengaluru-based research firm, finds that except for Kerala, funding witnessed a fall of anywhere between 61% and 85%.

Students, lawyers, professors detained in Delhi for demonstrating in support of farmers

By Our Representative  About 25 protestors, belonging to the civil rights network, Campaign Against State Repression (CASR), a coalition of over 40 organisations, were detained at Jantar Mantar for holding a demonstration in support of the farmers' stir on Friday. Those detained included students, lawyers and professors, including Prof Nandita Narain and Prof N Sachin. 

Maize, bajra, jute, banana cultivation banned off West Bengal border: Plea to NHRC

Counterview Desk  West Bengal-based human rights defender Kirity Roy, who is secretary, Banglar Manabadhikar Suraksha Manch, and is national convenor of the Programme Against Custodial Torture & Impunity, in a representation to the chairman, National Human Rights Commission, second within few days, has bought to light one more case of trespassing and destruction of a fertile banana plantation by BSF personnel along the Indo-Bangladesh border, stating, despite a written complaint to the police has taken "no initiative".

Solar energy funding dips 9% in 2023; 2024 'kicks off' with US$1 billion investment

By Lakshmitha Raj*  Solar energy tech companies have already secured slightly over US$1 billion in funding in 2024 (till Feb 7, 2024) after total funding into Solar Energy companies in India fell 9% to US$1.55B in 2023 from US$1.7B in 2022. A total of 39 $100M+ rounds have been closed till date, with Delhi leading the city-wise funding, followed by Gurugram and Mumbai.

India second best place to invest, next to UAE, yet there is 'lacks support' for IT services

By Sreevas Sahasranamam, Aileen Ionescu-Somers*  The United Arab Emirates (UAE) is the best place in the world to start a new business, according to the latest annual Global Entrepreneurship Monitor (GEM) survey. The Arab nation is number one for the third year in a row thanks to a big push by the government into cutting-edge technology in its efforts to diversify away from oil.

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".

Mahanadi delta: Aggressive construction in flood plains, reduced fish stock, pollution

By Sudhansu R Das  Frequent natural calamities, unemployment, low farmers’ income, increase in crime rate and lack of quality human resources to strike a balance between growth and environment etc. continue to haunt the state. The state should delve into the root causes of poverty, unemployment and natural calamities.