Financial Daily from THE HINDU group of publications
Wednesday, Aug 25, 2004
Financial Daily from THE HINDU group of publications Wednesday, Aug 25, 2004 |
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Opinion
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Letters Bank strike
The staff in public sector banks went on strike yesterday to demand a substantial rise in their pay packets. While the managements are conceding a hike of 9.5 per cent, the unions demand 16 per cent. One does not know the bases for these percentages. In the West periodical wage settlements are made taking into account the health of the concerned institutions. If it is bad, unions are willing to take a cut in salaries and even retrenchment as otherwise everyone will lose his job. In our country it is always carnival time for employees in the public sector. They are assured of annual increments, and bonus too in some cases, often irrespective of the financial results of their institutions. They are also protected against inflation through adjustments in dearness allowance. For millions of workers in the unorganised sector these privileges are not available. Any rise in wages in banks has its impact on the interest rates of both deposits and loans. For those in the public sector, the transfer of profits to the Centre is reduced with its repercussion on fiscal deficit, which ultimately affects the economy. Unfortunately, the coalition government is dependent on the parties to which the unions are affiliated. Are we back to the bad old days of Indira Gandhi Government in the months after the break-up of the Congress in the late 1960s, when she conceded to every demand of unions affiliated to the Communist Party because she was dependent on it for survival? A. Seshan Mumbai Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in
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