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SBI Federation suggests pension formula to call off strike

Written by: Staff

Mumbai, Apr 8 (UNI) Striking employees of State Bank of India today suggested a two-slab pension formula to the management as an '' interim measure '' to find a solution to their indefinite nationwide stiR which entered the sixth day today.

The formula seeking 50 per cent of the basic pay as pension for employees upto the rank of Asssitant General Manager (AGM) and 40 per cent on incremental basis for those above the rank of AGM and upto the level of deputy managing director was put before bank Chairman A K Purwar, according to All India State Bank of India Staff Federation secretary P K Patnaik.

The first round of discussion with the management, which lasted over three hours, was held at the SBI headquarter here late this afternoon.

Mr Patnaik told mediapersons that the Federation leaders have been invited for a second round of discussion at 1930 hrs, adding the management sought time to consult the Union Finance Ministry on the formula and come back to the Federation for further negotiations. he added the SBI management was very '' sympathatic '' during the discussions.

The Federation leader at the same time made it clear that the formula would be acceptable to the employees only as '' an interim measure'' pending final decision on their pension demand in a '' specific timeframe''.

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