RBI employees say to strike on Oct 21
Employees of the Reserve Bank of India will go on strike nationwide to press for pension increases following every salary revision, a top union official said.india Updated: Oct 18, 2008 16:48 IST
Employees of the Reserve Bank of India (RBI) will go on strike nationwide on Tuesday to press for pension increases following every salary revision, a top union official said, in a move with potential to cripple banking operations.
The RBI, headquartered in Mumbai, the country's financial capital, revises employees' salaries every five years, but a union official said pensions were not reset at the same time, causing hardship as prices rise.
"The present pension is hardly enough as inflation is high," Satish Sawant, president of the All India Reserve Bank Officers' Association that represents about a third of the bank's staff, told Reuters.
Sawant said that the one-day strike would affect payment and settlement operations between the country's banks.
Staff at the central bank, which has offices in 26 cities across India, numbered 21,494 at the end of 2007, the RBI said in its annual report.