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Whether Time is Ripe for Joint Appeal by the Entire Financial Sector Officers and Employees 

by

K BALASUBRAMANIAN

I was surprised to see an insertion in the Economic Times Chennai Edition dated 08 MARCH 2010   BY   LIC   CLASS I OFFFICERS ASSOCIATION ,  informing the policy holders and others the meager offer of the government   and the reality.   It was a reasonable coverage highlighting the pathetic situation .

In one or two of my earlier postings  to the pay commission update blog I also made an appeal to the influential members of the banking sector  to draft a suitable insertion like this in detail and circulate to various dailies including the pink papers.  The advantage of highlighting the status are as follows.

  • Customers can come to know where we are standing. They are thinking financial sector employees are best paid in INDIA.

  • They also can get a first hand information of what the VI th pay commission   exactly   means to central government employees when compared to the government claim of 28%

  • How liberal approach the government has made when accepting the pay commission recommendations and public sector pay hike as a follow up effect at the time of general elections at   a very huge debt burden.

We can put a question to the real bosses in the government language mainly CUSTOMERS   that why government is shying away in extending the parity of wages.

This can be highlighted through mails to the politicians also and seeking their support

 LIC is much better placed than the banks as the staff cost to total profit is at a historical low of 6%, best among the financial sector. They can even seek parity with RBI scales considering the monopoly and undisputed position that they are enjoying in the Life insurance business.

Government is in a hurry to offer the most notorious figure of 17.5% to them also on par with bank employees which itself is  running in trouble.  When SBI wants to have upper hand by more or less   doing same type of job except some government transactions, there is nothing wrong in LIC employees union / officers federation to break from the tradition of following the bank wages ands insist to settle a superior scale for them.

THE TIME IS RIPE FOR CONSOLIDATION AND JOINING OF ALL FINANCIAL SECTOR EMPLOYEES/OFFICER EMPLOYEES  UNDER THE UMBRELLA OF ALL INDIA  FORUM OF FINANCIAL SECTOR  OFFICERS AND EMPLOYEES. (WITHOUT UNITY THE WORD UNITED AT PRESENT LOST ITS SIGNIFICANCE)  AND DEMAND IMMEDIATE WAGE REVISION ON PAR WITH SIXTH PAY COMMISSION BY RETAINING THE EXISTING INTERNAL PARITY WITHIN THE SECTOR

AND FORCE THE GOVERNMENT TO GO FOR A SEPARATE FINANCIAL PAY COMMISSION WITH SUITABLE TERMS OF REFERENCE. PENDING THE COMMISSION REPORT AN INTERIM RELIEF OF 30% TO THE WAGES AS ON 01.11.2007 SHOULD BE ANNOUNCED. ONE MORE PENSION OPTION HAS TO BE RELEASED IMMEDIATELY AS IT IS NOT AN OPTION IN THE STRICTEST SENSE AS IT WAS DENIED EARLIER AFTER AMENDING THE PENSION REGULATIONS. THAT MISTAKE TO BE RECTIFIED WITHOUT ADDITIONAL COST BY ABSORBING THE SAME .  DPRE 01.11.2002 RETIREES SHOULD ALSO  BE COVERED  UNDER 100% NEUTRALIZATION SCHEME  WITHOUT COST  CALCULATION. NO OTHER METHOD IS GOING TO GIVE SATISFACTION TO THE OFFICERS SECTOR IN PARTICULAR AS NEITHER IBA NOR LIC MANAGEMENT  ARE WILLING TO  GIVE E A STARTING PAY OF 15600+5400 GRADE PAY+DA +30% HRA , EVEN THOUGH IT IS GENUINELY JUSTIFIED ,WHICH IS  RUPEES TEN THOUSAND MORE ON  AN INITIAL STARTING BASIS. EVEN AFTER THE PROPOSED 17.5 % WAGE HIKE

WHY THE CONCERNED TRADE UNION LEADERSHIP HESITATING TO TAKE UP THE  MATTER FORCEFULLY. WHY THIS SILENCE AND CASUAL APPROACH IN SETTLEMENT IS A RIDDLE KNOWN ONLY TO THE TOP ECHELONS OF POWER. POOR FINANCIAL SECTOR EMPLOYEES /PENSIONERS   ARE ONLY   SEEKING RELIEF WITHOUT DIRECTION OF WHAT TO DO AND BLAMING THEIR OWN FATE FOR TAKING THIS PROFESSION BY MISTAKE.

WILL THE AUTHORITIES CONCERNED CAN GIVE LIBERAL WAGE REVISION TO THE ENTIRE FINANCIAL SECTOR AND RECTIFY THE MISTAKE THAT THEY ARE DELIBERATELY COMMITTING BY OFFERING 17.5% MEAGER INCREASE AND SPOILING THE FINANCIAL SECTOR  AS A WHOLE.  IN EVERY CAMPUS SELECTION THE FINANCIAL SECTORS ARE PAY MASTERS . BUT OUR IBA / MINISTRY OF FINANCE WANTS TO TREAT THE SECTOR  SHABBILY.

CA   CAMPUS SALARY IS AROUND 6 TO 7 LAKHS. GOING  UPTO 12 LAKHS.  WHETHER BANKS CAN AFFORD TO GET CAs  TO MANAGE THE AUDIT DEPARTMENT BY OFFERING A SALARY OF MORE  THAN THAT OF THEIR DGMS OR GMS.

SOMETHING WRONG IS GOING ON SOME  WHERE AFFECTING THE ENTIRE FINANCIAL SECTOR EMPLOYEES AND PENSIONERS. THAT BLACK SHEEP WHO IS PREVENTING THE JUSTIFIED INCREASE TO THE FINANCIAL SECTOR EMPLOYEES AND PENSIONERS HAS TO BE IDENTIFIED AND ORGANIZATIONALLY FIGHT IT OUT.  THEN ONLY THESE EMPLOYEES ALSO CAN   GET GOOD SALARY .

NO POLITICAL CLOUT.

TILL THAT TIME  PRAY  YOUR ISHTA DEIVAM /KULA DEIVAM. NO OTHER WAY.