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The All India Bank Officers’ Confederation (AIBOC) said it will launch a series of country-wide agitations culminating in strikes if the management of the Thrissur (Kerala) headquartered CSB Bank does not implement the terms of the industry-wide 11th Bipartite wage settlement vide the Joint Note for employees on the Indian Banks’ Association (IBA) scale.
“It is pertinent to note here that this 100-year-old bank had implemented all the bipartite settlements thus far beginning with the first in 1966 and the 10th in 2015 along with all Joint Notes.
“...We would like to point out that implementing the Joint Note/Bipartite settlement in this centenary year of the bank will stand to benefit the bank as it will motivate the employees immensely which in the long run will increase the productivity,” said Soumya Datta, General Secretary, AIBOC.
Datta emphasised that AIBOC will stand with all its might behind its associate, the Catholic Syrian Bank Officers’ Association, to ensure that employees on IBA scale in CSB get the fruits of the negotiated 8th joint note.
Compensation structure
In its annual report for 2019-20, CSB Bank said it is the discretion of the bank either to continue with the existing compensation structure prevailing under IBA scheme or modify the structure partially or fully based on the need or discontinue the existing structure in to and switch over to different structure which is prevailing in banking industry by keeping in view, various parameters like industry level, peer group status, burden on the bank, etc.
The report underscored that it is the prerogative of the bank either to utilise the service of IBA in the matter of structuring compensation or devise the compensation structure on its own based on the prevailing practice in the banking industry.
Out of 3,204 employees (as at March-end 2020), 1,805 employees both officers and Award Staff are governed under IBA pay structure and the remaining (1238 employees) are governed under Cost to Company basis.
During this financial year, as a policy decision the bank implemented, reducing the age of retirement of the officers from 60 years to 58 years, the report said.
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