Financial Daily from THE HINDU group of publications
Wednesday, May 21, 2003
Financial Daily from THE HINDU group of publications Wednesday, May 21, 2003 |
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Money & Banking
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Trade & Labour Unions AP bank officers to strike today Our Bureau
HYDERABAD, May 20 THE bank employees and officers owing allegiance to five national bodies would observe one-day protest strike on Wednesday opposing the Government moves of privatisation, disinvestment and opening up of financial sector to multinationals, which the bank staff considers anti-people and against the interest of the common man. In a press release here on Tuesday, the Andhra Pradesh unit of the All India Bank Officers' Confederation (AIBOC) said employees and officers belonging to AIBEA, AIBOC, NCBE, AIBOA and BEFI would be participating in the one-day strike. The financial sector would come to a grinding half with over 12-lakh members joining the strike and insurance and the RBI unions also participating in the strike. The AIBOC AP Secretary, Mr P. Siva Sankar Reddy, said: "The Bank Employees and Officers Unions have joined the strike since the banking industry is passing through serious crisis on account of the reforms in financial sector. The pubic sector banks have been performing exceedingly well despite continuous campaign against their performance. All the PSBs have shown a record growth in their performance and profits." AIBOC was of the view that some of the legislative changes intended to amend the Trade Union and other labour laws were aimed at destroying opportunities and replace them by contractual jobs. It was reported that nearly 3.5 lakh jobs were cut in public sector undertakings, Mr Reddy said. On the problems being faced by the bank staff, AIBOC said the salary revision was overdue. There was no progress in the wage revision despite regular negotiations. Another issue that has been pending for a long time in banks was the provision of second option for pension.
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