Thursday, October 22, 2015

Wage settlement of LIC and Banks


53 comments:

vijay mahajan said...

What a excellent comparison analysis as always? Still UFBU have a time to open the settlement yet for emerging the special pay component into basic pay or it should be taken for retired benefit. UFBU show your GUTTS &;save the comman bank employees

indumati seshappa said...

Hope better sense prevails on the Union leaders. Otherwise they will remain as traitors in the Bankingbhiatory.

Manohar Jartarkar said...

Good settlement. LIC leaders deserve complements.
They have taken care not to commit mistakes on bank leaders. LIC management may also be magnanimous.

Anonymous said...

Boot ufbu leaders

Unknown said...

It is wrong to compare banking industry with lic as bank is doing lending money and due to which on own or as per govt schemes due to which lots have more npa's due to this industry level settelment is difficult.

Anonymous said...

This analysis is good but it is to say that profit level and asset base is much more higher of lic than bank.And it is also a factor that the wage settlement should be done on the paying capacity of both the industry.so linking of lic with banking industry is just not fair in financial sector.

Anonymous said...

At least now wake up you bloody ufbu leaders and reopen the settlement for fair settlement

kamal basha said...

Dear com.Kumar,
You post any number of comparison tables of any of the industry. Salary would be much more than the Banking industry. Not only Govt. is believing that we are in the 'High wage Island' but also UFBU Leaders, more particularly Mr. CHV. The solution lies in the mind set of UBFU and nowhere else. Please do not compare and cause heart burns.

arbind kumar Rai said...

Comparison is necessary & correct also. To tell the blunder done by UFBU. for accepting special pay without benefit at retirements. LIC Union persuaded for higher Index of DA & after that one slab remain is.10% will give more DA in amount compared to Bankers .One useless fellow said that we can not compares to LIC but he didn't told whom we compare .

Anonymous said...

Dear Arvind kumar Rai,
U should tell this to ur management.becoz in financial sector management always look before their paying capacity.And our honourable Finance Minister also told that concerns should compensate their employees as per their paying capacity as well as profit level margin.I am not criticizing bank industry or any other PSU but u should think of central govt employees whom 7CPC is just to arrive.So u compare with Central govt employees rather than LIC. LIC has given as per their capacity.So as banks.And the last but not the least ,LIC has to procure business by agency which banks dont.Though profit is much higher than banks.In future U will see more gap between LIC and banks paying capacity.

vijay mahajan said...

We should not indulge in such a controversy. The comparison only is an eye-opener for UFBU leadership who have already done immense damage to bank employees . They haven't utter any word till date for damage done -------- very surprising---------wake up & reopened the settlement. Always remember---koshish karne walo Ki kabi harr nahi hoti wake up ----------please

Aniruddha Mukherjee said...

We fill as cheated

manoj manaswi said...

mr.kumar,the comparison is not desirable between bank and lic.i bring to your notice some facts bankmen gets where the lic men don"t---
bankers get 100%ltc encashment,no such provision for lic,
there is no upper limit of hra for bankers,in some conditions get 150%of hra allowances in obc bank.
there is provision for furniture facility for bankers
perks for transportation and medical allowances are better for bankers.scale 2 and above officers in bank are reimbursed air fare in ltc for 4500 kms.for lic it is only 3000kms.housing and other loans eligibility are much and higher amounts for bankers,etc.

krishna bojja said...

If we do npa' s recovery, will iba change settlement % ?. If our banks in loss, don't we get salary.

Ravish B said...

Thanks for sharing this great info with us. I like it.

Unknown said...

To find out use your so called brain.

Anonymous said...

Guys m working in new india as AO scale 1 and has got central bank scale 2. I just want to know which one is better?? Pls suggest

Arun Dev said...

The comparison is correct and these are real figures which we are going to get in a months time. We fought and negotiated well to achieve a decent revision. We take pride in saying that we are a member of a union only because of the reason that the unions are fighting not only for the betterment of its employees but also interfering in all matters to lead the institution in the right direction. Its our paying capacity and profitability contributed for our good revision. when the same scenario exists in banks , the banking industry should also get more than ours. We sincerely hope that there will be some difference if banking industry as a whole thinks that they are paid less.
It needs struggle and without that we cannot achieve it. Let's hope for a better settlement.

Arun Dev said...

We have already congratulated our union leaders and our management and ministry is certainly magnanimous. Sir as in your industry we also fought . but you guys needs a better one than what we got. Its my personal opinion.

aravindhan22 said...

One thing I would like to share....without LIC indian govt survive...but anybody told without banks is any govt survive?...thatmuch responsibilities and hardwork we put for our country to improve GDP and per capita income of the poor people....without bank loan,imagine howmany house built in India and how farmers survive,how corporate world survive....I sure to say around 90%of my bank staff didnot see the sunset
..if we strike for one week continously ,is India will survive?without bank and also our hardwork ,India will not flourishes...without seeing this,our govt see profit..
Even if we pay less ,we will work hard to improve the upliftment of our country that's bankers

Unknown said...

Guys even gic and gipsa companies who make meagre profit got same offer as lic. It means all other govt sectors will earn more money and respect than bankers. Only bankers are beggers

Anonymous said...

Dear Mr Aravindhan
Did you read the big news published in economic times yesterday??? U will get ur answer LIC is same important as like as banks.And why Bank is comparing LIC?? LIC dont compare banks.They are fully different aspects of financial sector.So you should be concern about the 7CPC that is about to announce.

vijay mahajan said...

Nutshell immense damage & great loss to the bank employees, specially for those who will retire during the period of 10thBPS . First time in bank history pension reduces on account of salary revision WHAT A SETTLEMENT ?

Arun Dev said...

Mostly in insurance industry , all are based on the offers made in Lic and its the mother of the insurance industry. So there won't be much changes in insurance industry. More or less it will be similar.

Arun Dev said...

When the bank offer came , we all calculated and came to know the shocking fact that the pension amount which is getting now will either be same or may even be less. In fact we all were devastated by knowing that info. It will create its repercussions not only in banking industry but also in all industries. Because now the management's will ask , if there is no problem in banking industry , what is the matter with others. All will have to struggle just because of this settlement.

Arun Dev said...
This comment has been removed by the author.
Chandan Burnwal said...

AO is much mmuch better than scale 2 of bank as AO will get not only higher salary but less work pressure along with Sat holiday.

Chandan Burnwal said...

Ya u r right that what lic get the same applies to gic or gipsa but u forgot to mention that not a single pie the govt gives to bailout the insurance sector and its thriving by its own.... GI companies are too making handsome profits as compared to banks.......

jainrakesh kumar said...

In my view we the bankers should not quarrel /compete with our comrades in LIC. We should condemn our leaders, IBA and Govt. for our sorry state of affairs.

jainrakesh kumar said...
This comment has been removed by the author.
Anonymous said...

If bankers demand that Lic should not get what they have not they are closing doors to the future gains.

vijay mahajan said...

UFBU leadership having sick mind & responsible for pushing the bank employees in to dark holes ,they should not be forgiven for this act .....



..........

Kajal Mukherjee said...

LIC is a giant public enterprise who lends crores to Railways,every year gives the Central govt 200 crores in view of their granting 5 crores as capital,invests more than 80% in low interest in country's development project, rescues UTI from dismal condition,has 2lakh crores capital-why they would not be given a betyer wage revision I could not follow.They have paying capacity more than so called compared institution.This is not a matter of comparison,it is a matter of paying capacity and united struggle to soar higher.Don't pull down,better yourself to be equal.Thanks.

Kajal Mukherjee said...

Corrigendum: read " 2 lakh"as 20 lakh (in the 9th line and ”betyer" as better.

Kajal Mukherjee said...

It do not come to us why bank will only compare with LIC.Different are their trade.In that case why don't u compare with 7cpc or dvc,ongc,coal India.

Dipankar Mukherjee said...

THE PUBLIC SECTOR BANKS ARE THE LIFELINE OF THE ECONOMY.THEY HAVE TO DO NOT ONLY BANKING BUT VARIOUS OTHER ANCILLIARY SERVICES E.G-SERVICE COMMISSION'-APPLICATION FORM, HOUSING COMPLEX-APPLICATION KIT AND EVEN INSURANCE BUSINESS.FURTHER WE ARE THE TOOLS OF THE POLITICIANS AS WE HAVE TO FULFILL SOCIAL OBJECTIVES E.G-PRIME MINISTER JAN DHAN YOJANA,NREGS, PENSION,SALARY,NO FRILL A/CS ETC. ETC.NON PROFITABLE JOB.SIMULTANEOUSLY WE ARE GIVEN TARGET TO ACHIEVE PROFIT AND VARIOUS OTHER BANKING PARAMETERS QUARTER TO QUARTER AT PAR WITH PRIVATE BANKS.FURTHER,MOST OF OUR NPAS ARE THE CREDIT OF OUR POLITICIANS RATHER THAN OUR DISCREDIT.MOREOVER WE ARE SERVING THE NATION FROM LEH,LADAKH,KARGIL,DESERT-RAJASTHAN TO KANYAKUMARI WHERE LIC CAN'T PENETRATE.STILL I THINK IF A BANKING CORPORATION OF INDIAN HAD BEEN FORMED WE WOULD HAVE LEFT THEM FAR BEHIND. LAST BUT NOT THE LEAST,LIC DO THEIR BUSINESS MAINLY THROUGH AGENTS.BUT THE BANKERS HAVE TO ADAPT THEMSELVES WITH UPDATED TECNOLOGY AS WELL AS VARIOUS SCHEMES.BUT LIC&GIC HAVE NO SUCH PROBLEMS.

Anonymous said...

Just because you did not study well so likely to get poor ranks and over and above that you do not want others to score more despite they had worked hard and studied well .This is beyond logic.

Arun Dev said...

Sir, when we suffer from headache , we thinks that all other pain except this pain is manageable. But when we suffer from leg pain, then also we thinks in the same way.
Likewise, an employee is telling that they ate doing this they are doing that and so on.
We as fellow comrades in the financial industry very well understand the efforts you ate putting in and we are putting in. With my limited knowledge , I m not in a position to tell whether you alone are doing. But as Lic employees we are also contributing handsomely.

Arun Dev said...
This comment has been removed by the author.
Kajal Mukherjee said...

Dear Mr.Mahajan,Meeting social obligation is the birth-cause of nationalised sector.Never should we say that any particular concern alone is doing this .Standing by the poor or needy people in the worse days by giving them more than they have deposited is , I think an intelligent person like you will not fail to realise to be a social work.Not only standing by the poor's,destitute or jawans of the country,LIC has took up on its broad shoulder the responsibility of helping UTI,Railways etc giving them a scope to survive and excel.Anyway,Giving social service is not anyone's special matter.One thing more,Sir,We believe that an intelligent person like you are aware of the fact that eating by the mouth needs digestion of that food by the bowel.So is the relation of employees with our Agent friends.They procure,we process.Therefore,Sir,there must not be any dearth of impartiality in understanding both of us.No undermining of roles of other concern be there.Don't blame the leaders alone they are just our representatives toiling hard and getting blames in return.I think tjey had to consider the bail given by Central Govt for ur prosperity while dealing with the wagerevision whereas LIC gave bail to other concern ie, in ultimate the paying capacity determines the difference which still can be remedied.Best wishes.

Kajal Mukherjee said...

Dear Mr.Dipankar Mukherjee,Meeting social obligation is the birth-cause of nationalised sector.Never should we say that any particular concern alone is doing this .Standing by the poor or needy people in the worse days by giving them more than they have deposited is , I think an intelligent person like you will not fail to realise to be a social work.Not only standing by the poor's,destitute or jawans of the country,LIC has took up on its broad shoulder the responsibility of helping UTI,Railways etc giving them a scope to survive and excel.Anyway,Giving social service is not anyone's special matter.One thing more,Sir,We believe that an intelligent person like you are aware of the fact that eating by the mouth needs digestion of that food by the bowel.So is the relation of employees with our Agent friends.They procure,we process.Therefore,Sir,there must not be any dearth of impartiality in understanding both of us.No undermining of roles of other concern be there.Don't blame the leaders alone they are just our representatives toiling hard and getting blames in return.I think they had to consider the bail given by Central Govt for ur prosperity while dealing with the wagerevision whereas LIC gave bail to other concern ie, in ultimate the paying capacity determines the difference which still can be remedied.Best wishes.

Anonymous said...

The kind of language bank persons are using reflect on their culture and their work culture too. I have nor come across such a language from Lic people and that separate chease from chalk. And one person telling that we do not penetrate to kargil leh and laddakh it is the Irda which is puppet in hands of private insurance companies restricted us from opening new branches though we wish to open more in every nook and corner of India.for your information you do not generate money but managing public money . If you had been vigilante enough and adhered to caution and regulations and favouritism your NPS would have been far less. Target ke liye kuchha bhi karega attitude tumkohi le duba.

Anonymous said...

Kajalji Lic is giving more than 1000 crore every for last so many years to govt. For their paltry sum of 5 cores.

Anonymous said...

For. Information Lic is the maximum and the best IT user in India. Our work is manifold and we serve people with maximum human sensitivity. We are service with humane touch. Bank people will never have and feel the empathy that we do.

jainrakesh kumar said...

Is there any wat to get rid of these bipartite settlements which seem to be the nexus between IBA, Govt. and the UFBU. The rights and future of bank employees seems not safe in their hands. Only God can save the bank employees/pensioners.

am manickam said...

BANKERS ARE BELOW THE RATE OF GOVERNMENT SWEEPERS/LIC EMPLOYEES
---------------------------------------------------------------
In the recent 10th BPS UFBU have very much cheated the bank empolyees/officers. In the pay commission for Central/State Government
employees Grade Pay was introduced, and the same Grade pay is taken for pension calculation. But in 10thBPS it is left out.
In the recent LIC wage revision Govt offered 13.5% increase on basic pay and DA merger of 4708 points and 5 days working for week.
But in the 10th BPS UFBU got only 2% increase on basic pay and DA merger of 4443 points. Special Allowance of 7.75% increase on
basic pay which does cover PF/Pension. Grade pay/Special Allowance both are same. In Govt. it is included in pension, whereas in
the banking sector it is excluded. From 01/11/2012 to 31/10/2017 about 2 lakh bank staff are getting retirement. UFBU cheated all
these staff. It is very much SHAME TO UFBU BY CHEATING THEIR OWN STAFF, not only the retiring, the serving employee also have been
very much cheated by worst UFBU. Every bank employee is very much ashamed to tell the word UFBU

jainrakesh kumar said...

There is only one solution for the grievances of bank employees I.e. the end of bipartisam (bipartite settlements) because these seem to have become the collusion of IBA, UFBU and Govt. to cheat the bank employees. THE BANK EMPLOYEES BE BROUGHT UNDER THE CENTRAL PAY COMMISSION.

jainrakesh kumar said...
This comment has been removed by the author.
Anonymous said...

A CONCERNED BANKER.
COMPARE THE WORKING CONDITIONS RISK AND RESPONSIBILITY OF THE BANKER WITH THAT OF INSURANCE INDUSTRY. WE GOT PEANUT. LET A LITTLE SENSE PREVAIL ON THE NOGOTIATORS FOR THE 2017 SETTLEMENT.

Anonymous said...

Dear Sir,

Some one commented about LIC'c contribution to the country and economy and added that India can survive without LIC. He was wrong and coound not udnerstand the difference between banking and insurance. What ever LIC earns as premium is fully invested in the forms of FIVE YEAR plans as directed by the Governemnt. And when stock market crashed LIC is directed to intervene. It support the cause of Central State governments and local body like municipalities offering cheap loans at less than 5% interest for sanitation water etc., Major shares of New generation bank Axis Bank Corporation bank syndicate bank are with LIC. LIC support banking too. Huge dividends (in 1000 croses) has been paid by LIC to central govt. During inflation/rececessionary trends, LIC is the only PSU augumenting revenue for the sake of Indian welfate/Goverment. LIC is only globally reputed organisation in settlement of claims(Morethan 98%). There is no bias or favour trade pratice.

It may be correct that UFBU should have well represented the cause of bankmen and they deserve such good treatment.

WITIN?

Anonymous said...

Dear Bakmen,

LIC also contributes to the national economy.
it is also not possible without the contribution of LIC MEN (Consist of Agents/Officers/employees and above all PEOPLE FAITH). When there was total chaos during Indepence (iNSURANCE INDUSTRY WAS NOT AN EXCEPTION. It was not uncommon for the private player s to serve with bias,unfair trade pratice with only motive of UNDUE PROFIT)INSURANCE INDUSTRY was nationzlised in 1956. The LIC has fullfilled the objectives during its 59 years of service to the nation. See the performance. LIC is above NAVA RATHNA and yielding golden eggs for the Government and the people of India

BUSINESS IN FORCE AS ON 31.03.2015
Individual Policies 29.01 ( in Crore)
Group Policies (lives) 11.58 ( in Crore)

OTHER PERFORMANCE PARAMETERS 01.04.2014 TO 31.03.2015

Total Income 407546.35 ( in Crore)
Total Premium Income 239482.77 ( in Crore)
Payment to Policyholders 146025.50 ( in Crore)
Total Life Fund 1824194.95 ( in Crore)
Total Assets 2031116.08 ( in crore)

CLAIM SETTLEMENT PERFORMANCE 2014-15 setting internation standards

Total Number of Claims settled 232.32 lakh
Total amount of Claims paid (including Micro Insurance and P&GS) 90458.16
Crore Percentage of Maturity claims settled 99.78
Percentage of Death Claims settled 99

and the never ending performance still counts...

WITIN?!

Anonymous said...

TO ASSUAGE THE BANKMEN ON WAGE SETTLEMENT BY UFBU

What Banks got more & LIC could not
(1) Bank: 100% LTC encashment - LIC no encashment
(2) Air travel to Scale I,II,III on LTC & tour - LIC it is 2nd AC
(3) HRA: No ceiling - LIC there is ceiling which is brought down even lower this time (Last time ceiling was doubled. This time it is raised upto DA merger point I.e. 60% only,
(4) HRA: own house & on rent, it is 150% paid- LIC : no such thing,
(5) Cl.III paid petrol in Banks- LIC: transport allow of only 440/- now.
(6) LTC: In Banks distance is 4500 kms. In LIC it is only 3000 kms.
(7) Housing loan in Banks for Cl. IV is 30 lacs & Cl.III is 40 lacs, Cl.I max 80 lacs @ 6% & principal amt payable 1st than interest pmt at last. In LIC. - max 20 lacs.
(8) Many other perks paid in Banks like Furniture Advance which is not there in LIC.

Plz share it....do u now think LIC is ahead of Banks? LIC's Basic looks more bcoz Banks DA merger is less than LIC's I.e. 6% less.

WITIN?!

VIKAS PUSHKARNA said...

Bank employees why dont u people revolt against ufbu leadership