Date:26/05/2005 URL: http://www.thehindu.com/2005/05/26/stories/2005052615540500.htm

Andhra Pradesh

Prudential employees deny availing of bonus

Staff Reporter

HYDERABAD: The Prudential Cooperative Urban Bank Employees Union and the Shareholders and Depositors Welfare Association on Wednesday denied that bonus had been paid to employees.

Refuting claim of the depositors association published in these columns, B. George Reddy and P. Surya Prakash Rao, general secretaries of the associations, said employees had not withdrawn the bonus sanctioned by the management keeping in view the bank's `precarious' financial position.

Leaders' contention

They contended that the employees, whose wages have been cut by 40 per cent, had voluntarily sacrificed allowances with a view to cut the administrative expenditure.

The leaders said employees under the liquidator had recovered Rs.18 crores.