SBI staff stir called off as settlement reached

New Delhi, Apr 9: The seven day old strike by the employees and officers of the State Bank of India over the revision of pension was called off here tonight following a settlement reached between the Management and the Employees Unions after a marathon day-long meeting.

Announcing this at a press conference here,Finance Minister P Chidambaram said as per the settlement the cut off point had been readjusted at the basic salary of Rs 21,040. Those drawing a basic salary upto Rs 21,040 would get pension at the rate of 50 per cent while those drawing more than that would get pension at the rate of 40 per cent, subject to a minimum of Rs 10,520.

He said the cut off point had been readjusted at Rs 10,500 many years ago but that was irrelevant and outdated. Both sides agreed to readjust the cut off point to Rs 21,040. Any one getting this as a basic salary will get 50 per cent pension while others getting above this will get a pension at the rate of 40 per cent.

The minimum pension, which was Rs 4250 previously, has now been raised to Rs 10,520, he said.

With the settlement reached between the union and the Management, the seven day old strike has been called off and the employees would return to work tomorrow morning, Mr Chidmabaram said.

Regretting the inconvinience caused to the public due to the seven day long strike,the Finance Minister said their inconvineice would stop tomorrow morning with the employees coming back to work.

Mr Chidambaram clarified today's talks were confined to the revision of pension only and other issues, if any, would be gaken up later.

Asked how the revised rates of pension compared with the other banks, the Finance Minister said other banks had their own formula.

Complimenting the officers and employees union for the settlement reached, Mr Chidambaram said "they responded to my invitation and were good enough to come to Delhi(for talks). " He added that they had assured him that they would resume duty tomorrow morning. " They (public) can expect excellent service from the SBI." The SBI, he pointed out, was the largetst bank which occupied a pride of place in the country. " I have shared my dream that it will truly become a global bank,'he said. " With the kind of cooperation I am sure that the dream will be realised,'' he added.

The Finance Minister hoped that the Management and the Unions will work together to take the bank to greater heights." Eds: Here pick up suitably from earllier series.

UNI