The Hindu Business Line : Govt assurance to IFCI staff on salaries post-PNB merger

However, the IFCI staff who decide not to avail of the ongoing voluntary retirement scheme (VRS) and stick on to work for PNB might have to take a cut on existing perks and benefits available to them.

"We have assured them that their salaries would be protected after the merger. It is now only a question of fitment at the appropriate levels. The perks, however, will be as available at PNB," a top official of the Finance Ministry said.

The assurance was given to representatives of IFCI employees who had met Finance Ministry officials recently. This has come as a major relief to the IFCI staff, a large section of whom were afraid that those who stay back might have to take a salary cut since the remuneration packages at their parent institution were on an average higher than those prevalent in public sector banks.

The disparity in pay packages was one of the reasons citied by the IFCI employees while pressing for their demand for a merger with the other fellow institution, IDBI, instead of a public sector bank.

They had pointed out that had the Government chosen IDBI instead of PNB for the proposed merger, the process would have been much smoother as far as adjustment of the IFCI staff were concerned since the pay scales and perquisites along with other service conditions of the two development financial institutions (DFIs) were identical.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Bay of Bengal, Arabian Sea surface temperatures vary

Air Deccan to connect more cities with cheaper fares

IBP public offer subscribed 75 pc of issue size

Pfizer withdraws liquid Gelusil from market — Snaps ties with contract firm

Cricket rights: Prasar Bharati appeals to TRAI

AICTE may fix ceiling on technical education fees

Sensex falls further, PSUs gain some support

Govt assurance to IFCI staff on salaries post-PNB merger

`Home loans may turn dearer'

SEBI back on high alert, warns of strict action

The message comes with the meal dabba