PSBs to have freedom to negotiate to create a better mix between compensation and Performance; Boards to decide on

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PSBs to have freedom to negotiate to create a better mix between compensation and Performance; Boards to decide on

ALL INDIA BANK OFFICERS’ ASSOCIATION
Circular Letter No.2/VI/2016 January 25, 2016
TO
ALL UNITS / STATE COMMITTEES
Dear comrades,
LOOKING IN THE MIRROR 
OWNERS ARE NEVER BENEVOLENT TO WORKFORCE
The industry level wage negotiations have successively established that uniformity in wages to the work force in the Industry. Smallest to largest, loss making bank to profit earning bank are placed at the same position. The uniformity in wages and service conditions is the fine fabric, which facilitated the bondage amongst the banking workforce. The "One for all and all for One" the adage suits to the achievements made in the Industry.
The Khandelwal Committee recommendations on wages, service conditions and welfare clearly stipulated that 
“PSBs to have freedom to negotiate to create a better mix between compensation and Performance; Boards to decide on 
bank-specific wage and compensation structure in relation to capacity to pay, profitability, productivity etc and within the
Government guidelines.Banks to consider variable Pay as major component of wages facilitating the discretion to go in 
for Cost to company CTC concept”.
In the earlier wage negotiations, there were attempts to bring these factors to play. Collective and sustained campaign against the recommendations had blunted the approach of the Owners and negotiators. These prescriptions are brought in a different form in the GYAN SANGAM Recommendations, which was held at Pune on Jan 2-3, 2015.
The then IBA Chairman, Mr. T.M.Bhasin submitted a report on the issues and progress made on the Recommendations of Working Group, under building a Robust People Strategy for PSBs lays down their clear intentions:
RECOMMENDATIONS
- Move from industry level to Bank level settlement agenda to be 
pursued
ACTION TAKEN STATUS
- 10th Bipartite settlement is reaching its finality and will be in force
upto 31.10.2017
PROPOSED 
- The Banks one year before the expiry of the settlement should 
initiate dialogue to move out of Industry level settlement and 
negotiate for productivity linked settlement on cost to company 
basis based on the paying capacity of each bank
RECOMMENDATIONS
- Commit to improve operational efficiency to significantly increase 
P/B through
- improve credit risk management capabilities
- shift to bottom line based targets
- leverage technology to reduce opex and improve productivity
- Develop capital light operating models
ACTION TAKEN STATUS
- Already Banks have robust risk management system for 
improving the management and operational efficiency. They 
have adopted bottom line target based approach for targeted top 
line growth. Work is in progress to leverage4 technology to 
reduce the operational cost, improve productivity as sell as to 
improve customer satisfaction and convenience.
PROPOSED 
- Banks are advised to deliberate the initiatives at the Board level 
committees and formulate Board approved policies for effective 
execution.
RECOMMENDATIONS
- Rapid re orientation of small PSUs.
- Re orient portfolio
- Restructure or consolidate
- Price appropriately for risk across all products / segments
ACTION TAKEN STATUS
- Individual Banks should deliberate at the Board level and 
recommended to DFS. 
- Risk based pricing has been introduced.
PROPOSED
-Implemented and will be further fine tuned
The LIC wage notification has already been released by the Government. There is a departure from the time tested approach that the pattern of settlement and % of increase offered in our Industry are more or less followed in other financial sector branches too.
When the ink has not dried of the present wage revision with some of the issues of hospitalisation scheme hanging in fire of serving as well as Retirees and Record Note on Retirees issues not addressed at all, how come the owners are becoming so benevolent is a million dollar question.
The notification of the Government is to be read, before setting the plan for the next wage negotiations. When RBI pressure mounts up to cleanse the balance sheet by March 2017, can the owners be benevolent to workers in this country ?
LET US CAUTIOUSLY PURSUE THE ISSUES as the hidden agenda of the Government is aiming at putting an end to the Industry Level Settlement and put in place the capacity to pay as well as give a final shape to the Cost to Company concept partially brought into stay in the current wage revision.
Yours comradely,
/S.NAGARAJAN/ 
GENERAL SECRETARY

ALL INDIA BANK OFFICERS’ ASSOCIATION
Circular Letter No.2/VI/2016 January 25, 2016
TO
ALL UNITS / STATE COMMITTEES
Dear comrades,
LOOKING IN THE MIRROR 
OWNERS ARE NEVER BENEVOLENT TO WORKFORCE
The industry level wage negotiations have successively established that uniformity in wages to the work force in the Industry. Smallest to largest, loss making bank to profit earning bank are placed at the same position. The uniformity in wages and service conditions is the fine fabric, which facilitated the bondage amongst the banking workforce. The "One for all and all for One" the adage suits to the achievements made in the Industry.
The Khandelwal Committee recommendations on wages, service conditions and welfare clearly stipulated that 
“PSBs to have freedom to negotiate to create a better mix between compensation and Performance; Boards to decide on 
bank-specific wage and compensation structure in relation to capacity to pay, profitability, productivity etc and within the
Government guidelines.Banks to consider variable Pay as major component of wages facilitating the discretion to go in 
for Cost to company CTC concept”.
In the earlier wage negotiations, there were attempts to bring these factors to play. Collective and sustained campaign against the recommendations had blunted the approach of the Owners and negotiators. These prescriptions are brought in a different form in the GYAN SANGAM Recommendations, which was held at Pune on Jan 2-3, 2015.
The then IBA Chairman, Mr. T.M.Bhasin submitted a report on the issues and progress made on the Recommendations of Working Group, under building a Robust People Strategy for PSBs lays down their clear intentions:
RECOMMENDATIONS
- Move from industry level to Bank level settlement agenda to be 
pursued
ACTION TAKEN STATUS
- 10th Bipartite settlement is reaching its finality and will be in force
upto 31.10.2017
PROPOSED 
- The Banks one year before the expiry of the settlement should 
initiate dialogue to move out of Industry level settlement and 
negotiate for productivity linked settlement on cost to company 
basis based on the paying capacity of each bank
RECOMMENDATIONS
- Commit to improve operational efficiency to significantly increase 
P/B through
- improve credit risk management capabilities
- shift to bottom line based targets
- leverage technology to reduce opex and improve productivity
- Develop capital light operating models
ACTION TAKEN STATUS
- Already Banks have robust risk management system for 
improving the management and operational efficiency. They 
have adopted bottom line target based approach for targeted top 
line growth. Work is in progress to leverage4 technology to 
reduce the operational cost, improve productivity as sell as to 
improve customer satisfaction and convenience.
PROPOSED 
- Banks are advised to deliberate the initiatives at the Board level 
committees and formulate Board approved policies for effective 
execution.
RECOMMENDATIONS
- Rapid re orientation of small PSUs.
- Re orient portfolio
- Restructure or consolidate
- Price appropriately for risk across all products / segments
ACTION TAKEN STATUS
- Individual Banks should deliberate at the Board level and 
recommended to DFS. 
- Risk based pricing has been introduced.
PROPOSED
-Implemented and will be further fine tuned
The LIC wage notification has already been released by the Government. There is a departure from the time tested approach that the pattern of settlement and % of increase offered in our Industry are more or less followed in other financial sector branches too.
When the ink has not dried of the present wage revision with some of the issues of hospitalisation scheme hanging in fire of serving as well as Retirees and Record Note on Retirees issues not addressed at all, how come the owners are becoming so benevolent is a million dollar question.
The notification of the Government is to be read, before setting the plan for the next wage negotiations. When RBI pressure mounts up to cleanse the balance sheet by March 2017, can the owners be benevolent to workers in this country ?
LET US CAUTIOUSLY PURSUE THE ISSUES as the hidden agenda of the Government is aiming at putting an end to the Industry Level Settlement and put in place the capacity to pay as well as give a final shape to the Cost to Company concept partially brought into stay in the current wage revision.
Yours comradely,
/S.NAGARAJAN/ 
GENERAL SECRETARY



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