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

Reducing emission? India among top nations whose coal as energy source going up

By NS Venkataraman*  The State of the Global Climate report by the World Meteorological Organization (WMO) confirmed that the year 2023 was the warmest year on record, with the global temperature of 1.4 degree celsius above pre-industrial 1850-1900 base line.

Lockdown 'total failure' of science more than of politics: Open letter on 4th anniversary

Counterview Desk  In an open letter to fellow academicians, scientists and medical practitioners in India, marking the fourth anniversary of India's lockdown (25 March 2024), the Managing Committee* of the Universal Health Organisation (UHO) has insisted on the need to "repair two years of immense damage to science".

Insider plot to kill Deendayal Upadhyay? What RSS pracharak Balraj Madhok said

By Shamsul Islam*  Balraj Madhok's died on May 2, 2016 ending an era of old guards of Hindutva politics. A senior RSS pracharak till his death was paid handsome tributes by the RSS leaders including PM Modi, himself a senior pracharak, for being a "stalwart leader of Jan Sangh. Balraj Madhok ji's ideological commitment was strong and clarity of thought immense. He was selflessly devoted to the nation and society. I had the good fortune of interacting with Balraj Madhok ji on many occasions". The RSS also issued a formal condolence message signed by the Supremo Mohan Bhagwat on behalf of all swayamsevaks, referring to his contribution of commitment to nation and society. He was a leading RSS pracharak on whom his organization relied for initiating prominent Hindutva projects. But today nobody in the RSS-BJP top hierarchy remembers/talks about Madhok as he was an insider chronicler of the immense degeneration which was spreading as an epidemic in the high echelons of th

Magnetic, stunning, Protima Bedi 'exposed' malice of sexual repression in society

By Harsh Thakor*  Protima Bedi was born to a baniya businessman and a Bengali mother as Protima Gupta in Delhi in 1949. Her father was a small-time trader, who was thrown out of his family for marrying a dark Bengali women. The theme of her early life was to rebel against traditional bondage. It was extraordinary how Protima underwent a metamorphosis from a conventional convent-educated girl into a freak. On October 12th was her 75th birthday; earlier this year, on August 18th it was her 25th death anniversary.

Savarkar 'criminally betrayed' Netaji and his INA by siding with the British rulers

By Shamsul Islam* RSS-BJP rulers of India have been trying to show off as great fans of Netaji. But Indians must know what role ideological parents of today's RSS/BJP played against Netaji and Indian National Army (INA). The Hindu Mahasabha and RSS which always had prominent lawyers on their rolls made no attempt to defend the INA accused at Red Fort trials.

'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. 

'Wrong direction': Paris NGO regrets MNC ArcelorMittal still using coal-based steel

By Rajiv Shah  A new report by Paris-based non-governmental research and campaigning organization, Reclaim Finance, has blamed the MNC ArcelorMittal – formed in 2006 following the takeover and merger of the western European steel maker Arcelor (Spain, France, and Luxembourg) by Indian-owned Mittal Steel – for using use “climate destructive” metallurgical coal for its projects in India.

Attack on foreign students: Gujarat varsity's reputation, ranking at stake, say academics

Counterview Desk  Expressing anguish over the attack on international students in Gujarat University hostels, a letter claimed to have been signed by 122 current and former academics has asked the Gujarat Vice Chancellor, Dr Neerja Gupta, to provide emotional support to the attacked students and to ensure their physical safety.  

Poor private sector engagement 'impacting' carbon pricing policy in Global South

Counterview Desk  The joint report by Environmental Defense Fund and Observer Research Fund, "Navigating Carbon Pricing: The G20 Experience and Global South Prospects", delves into the complex landscape of carbon pricing, examining its application within the G20 nations and the potential implications for emerging economies in the Global South.  The report claims to provide insights and recommendations for effective carbon pricing strategies in diverse economies.  A note: The Environmental Defense Fund (EDF) and Observer Research Foundation (ORF) have launched the Navigating Carbon Pricing: The G20 Experience and Global South Prospects” report. The report delves into the complex landscape of carbon pricing, examining its application within the G20 nations and the potential implications for emerging economies in the Global South. The report offers a comprehensive analysis of various carbon pricing instruments currently in existence, providing valuable i