Financial Daily from THE HINDU group of publications
Friday, Jan 04, 2002
Financial Daily from THE HINDU group of publications Friday, Jan 04, 2002 |
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Money & Banking
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Trade & Labour Unions Bank strike today Our Bureau
MUMBAI, Jan. 3 A SECTION of bank employees is all set to strike work on January 4 in protest against the alleged anti-labour practice of Standard Chartered Bank. The strike call was given by the All-India Bank Employees' Association (AIBEA) which alleged that Standard Chartered Bank had resorted to the inter-State transfer of its employees in violation of the existing labour laws. The union accused Standard Chartered Bank of ``coercing'' its staff out of employment by resorting to out-of-State transfers.
However, Standard Chartered Bank said that it was well within its rights in transferring its staff to meet its changing business needs. A spokesperson for the bank told Business Line that as part of the restructuring of the bank's business, its back office operations were being centralised in Chennai, where there was a large requirement of staff. Any transfer orders issued by the bank were, therefore, in keeping with its management rights. The bank said its actions were in accordance with the Sastry Award under Para 535 (1) and 536 (3) and also supported by a memorandum of understanding (MoU) signed between the management and the employees' federation on November 6, 2001.
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