Govt may accept SBI staff's demands | india | Hindustan Times
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Govt may accept SBI staff's demands

However, the government said it would not accept anything that would create asymmetry in retirement benefits.

india Updated: Apr 08, 2006 20:28 IST

The government on Saturday stuck to its position that it would not accept anything that would create asymmetry in retirement benefits between SBI and other public sector banks.

After SBI employees gave a revised proposal to bank chairman AK Purwar in Mumbai, Finance Sector Special Secretary Vinod Rai told a news agency in New Delhi that the government was, however, prepared to raise the present pension ceiling of Rs 4,250 a month to a reasonable level based on current realities.

According to Rai, the reasonable level should take into account revision in the pay scales of employees, dearness allowance, inflation and stagnation increment.

In their revised offer, bank unions sought to raise the limit of Rs 4,250 a month, fixed in 1999, to Rs 13,000.

As per the present scheme, employees with basic pay of Rs 8,500 get 50 per cent of their basic pay as pension and those above it receive it at 40 per cent.

Rai said principles behind the agreement reached between employees, management and the government in setting present day ceiling could not be tampered with.

However, any reasonable demand would be sympathetically looked at, he said.

After a round of talks with the union leaders in Mumbai, Purwar agreed to get back to them for discussions after consulting union finance ministry.

SBI employees have been on an indefinite strike since April 3, demanding higher pension. Earlier, they were demanding across the board hike in pension to the tune of 50 per cent of last drawn salary.