The Hindu Business Line : Bank officers may get Rs 3,000 more under new wage pact

OFFICERS will get an extra Rs 3,000 per month on the average, clerks will get Rs 2,000 and subordinate staff will get Rs 1,000 extra per month on the average, according to the wage settlement signed between the Indian Banks Association and bank unions.

Bank unions are happy with the wage settlement signed two days ago. Mr C.H. Venkatachalam, Convenor, United Forum of Bank Unions, said, "We are satisfied with the accord. Both of us have come down from our initial negotiating positions. They began by offering 8 per cent while we started with 30 per cent two years ago and then down to 20 per cent. We have settled at 13.5 per cent."

The agreement will be valid from November 2002 till October 2007. The earlier settlements (the 6th and 7th), each valid for a period of 5 years had given pay increases of 10.5 per cent and 12.25 per cent respectively.

Asked about mobility issues that held up the signing of the accord for a considerable period of time and even necessitated a one-day strike, Mr Venkatachalam said, "The bank management can transfer clerks anywhere within a district. If there are no vacancies within the district, it can transfer people to a station that is within 100 km from the existing place of work. At the same time, they will also have to be repatriated back to the base within two to three years."

Mr Venkatachalam said that the allocation of the pay hikes under various account heads (basic/dearness allowance, house rent allowances, other perks etc) and the construction of new pay scales will be worked out within a month.