An appeal to all concerned in the growth of Indian Economy on behalf of fellow bankers

An appeal to all concerned in the growth of Indian Economy on behalf of fellow bankers :
At the onset , I want to bring your kind attention towards the need for an appeal . There has been a salary revision pending for the Public Sector and old generation private sector banks’ officers and employees since 1st November ‘ 2007. The salary revision is a component of controlled economy , where a tenure based revision in compensation takes place under the governmental control to compensate employees working under controlled sectors are compensated for increased cost of living and for changes in life styles of general populace.
Of late it has been observed that the two important group in financial domain namely , Public sector banks and the public sector insurance companies , who deserve their due credits in bringing the country to the take off stage for sustained economic development are at the receiving end as far as the compensation packages for their officers and employees are concerned. Historically , the compensation for the officers and employees of the public sector banks and insurance companies were at par with those of the central government’s officers and employees until the fourth pay revision of the central government employees . Since 1992 onwards the gap between the central government employees and those of bankers and insurers people started widening since 1992 onwards And at present the situation has come to such a mess that the negotiations , if any , on the quantum of revision are itself on a ridiculously low levels. As far as the bankers are concerned the IBA and the UFBU are negotiating on percentages of five -yearly hike at the base levels of 15 to 20 percent , which should be an annual increase in compensatio0n for people working in financial sector in Modern India. More surprisingly , this level of compensation are debated in the backdrop of decent hikes of central government officers and employees , their sizable counterparts in majority of states and CPSEs including the Public Sector Oil marketing companies . The basic flaw in salary revision for the bankers and the insurers appear to be in the channels of revision exercise. For bankers “ wage negotiations “ take place between the IBA and the trade unions , as if the IBA representatives own the bank and the trade union representatives are the suppliers of men in a private agreement ( And the owners the Government acts as a judge , in the mock fight , and the deprived lots are those , who are “ wage earners “ as medieval age migrant laborers , who were traded in all kind of labor supplies by the traders of human beings ).
These raises few fundamental questions :
1. Can a government allow discrimination between the compensation of the people employed under it directly or indirectly . ?
2. Can a government allow the mock fight ( as in case of the IBA and The trade unions ) for a surprisingly base level revision ?
3. Can the Trade unions or the IBA are competent to sort out the matter having wider long term impact of the morale of the bankers?
4. Are the trade unions are truly representing the actual working populations and there sentiments or are they the same non- representative body as the IBA is as owners of the banks ?
5. Haw can the government ignore a fact that the public sector bankers and insures have brought about a dynamic changes in the economy of the country working tirelessly and deserve a decent compensation , at least at par with CG officers and employees ?
6. It is a fact that the Public sector Banks and Insurance companies are implementing the government policies for social good without caring for profits just like Indian Railways, India Post and a host of. oil marketing companies . Even after that , they have given decent earnings over the year . Hence , the employees af these sectors deserve the similar compensation and the social security benefits as available to their counterparts in the government and CPSEs .
7. Even in the recent economic turmoil across the globe the resilience of the Indian PSBs and PS Insurers has been appreciated . There have been a genuine shift of public preferences towards them . Despite such a favourable climate and genuine preferences available among the public , a huge amount of money are spent for advertisements by PSBs and PS Insures , but when it comes to give decent compensation to its hard working officers and employees , the negotiators representing the management sides cite government as the main obstacle in way of genuine needs of the employees.

8. Can any body dispute the fact that the needs of the bankers and the insures are the same as those of other working population and the cost of living has increased in all aspect for them as the cost of education of kids and other expenses have shot up over the years ? There has been a large misconception among the general public that the Public Sector Bankers and Insurers are getting hefty pay and perquisites . But the moment anybody comes to know that the compensation of even the CMDs of PSBs and PSIs are less than the entry level recruits of new generation private sector and foreign banks, they are unable to believe.
9. It is a common knowledge that any service industry like banks is totally dependent on its people , who serve the ultimate beneficiary of its services. Hence, it is the need of the hour of all concerned to optimally compensate the bankers and insurers of the Public Sector for keeping up the momentum of growth of the Indian Economy.

We request the people of India ,in general , and all the authorities concerned for in the growth of Indian Economy , in particular , to come forward for getting the due compensation package to the Public Sector Bankers and Insures at par with those of officers and employees in the central government .