In the backdrop of an increasingly competitive banking sector, the delay in wage settlement at the Reserve Bank of India (RBI) has become a growing concern. The United Forum of Reserve Bank Officers & Employees recently highlighted this issue during their meeting on December 30, 2024, in Mumbai. The circular released on January 6, 2025, outlines the frustration and restlessness among RBI employees, particularly when wage settlements in other banks have been implemented almost a year ago.
United Forum’s Standpoint
The United Forum, comprising representatives from various associations including AIRBWF, AIRBEA, AIRBOA, and RBIOA, expressed their anguish over the painfully slow wage negotiation process with the RBI. The forum members emphasized the need for an expedited resolution, as the prolonged delay has left employees from all cadres feeling apprehensive and undervalued.
New Governor
The meeting also welcomed the appointment of Shri Sanjay Malhotra as the new Governor of RBI. The forum members have already met him independently and conveyed their concerns. Shri Malhotra, in response, assured them of his cooperation and earnest efforts to address their issues, positioning himself as the “head of the family”. His call for unity and collective efforts in the interest of the bank and its valued clientele instilled a glimmer of hope among the employees.
Pending Issues and the Call for Action
The United Forum decided to seek an audience with the Governor at his earliest convenience to address several critical issues pending with the bank. These issues include:
- APF for NPS subscribers
- Compassionate appointments
The forum hopes that the Honorable Governor will respond promptly and take necessary actions to resolve these issues.
Conclusion
The delay in wage settlement at RBI is not just a financial concern but also a matter of employee morale and institutional integrity. As other banks have swiftly implemented their wage settlements, the RBI needs to follow suit to maintain its position as a leading financial institution. The employees’ patience is wearing thin, and it is imperative for the RBI to expedite the wage settlement process to ensure the well-being and satisfaction of its workforce.
Furthermore, the delay is adversely affecting more than 32,000 pensioners, whose pension updating process will only resume after the settlement. The longer the delay, the greater the loss in pension amounts for these retirees, exacerbating their financial difficulties.
January 12, 2025 at 9:23 am
Government have recently emphasized that the pension of retirees should be revised upwards by certain percentage once they cross a particular age I.e., 75, 80, 85 and so on. This’s not implemented in RBI and the banking system. This aspect needs to be highlighted please.
January 12, 2025 at 10:50 am
Government has reiterated that the retirees’ pension should be increased by 10, 15 or 20 percent depending on their reaching the age of 75, 80 or 85 respectively. This’s not implemented in the banking system including RBI. The spirit of Government’s circular has to be impressed for needful please.