SBI employees called off seven-day-old strike

Settlement reached between Union and Finance Ministry

The indefinite strike by the State Bank of India employees, which lasted for seven days ended on Sunday night following the intervention of Union Minister for Finance, P.Chidambaram. The strike was called off after the Government has agreed to a hike in pension for the 2.10 lakhs staff of the country's largest bank.

Announcing the settlement after a meeting between the Finance Ministry and the striking workers and the bank's management, Mr. Chidambaram told reporters that the employees getting up to Rs.21,040 in salary will get 50 per cent of the last pay drawn as pension and above that 40 per cent. Earlier, the cut off salary for 50 per cent pension was Rs.8500, which has been raised to Rs.21, 040. Beyond this salary, employees will get 40 per cent of their last basic as pension subject to a minimum of Rs.10, 520 a month. The cutoff of Rs.21,040 will actually work out to be Rs.21,800 if personal qualification allowance of about Rs.700 is included. The Minister said that the employees have called off the indefinite strike following the agreement. SBI Chairman AK Purwar, Banking Secretary Vinod Rai and MR.GC Chaturvedi, Joint Secretary (Industrial Relations) in finance Ministry were among those attended the meeting. The All India State Bank of India Staff Federation secretary PK Patnaik said he was satisfied with the outcome. The employees will resume to work from Monday.

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