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"Implement 11th and 12th Bipartite Settlements": BEFI Organises Dharna at CSB Bank Headquarters, Thrissur
Bank Employees Federation of India(BEFI) staged a dharna at CSB Bank's Thrissur headquarters on 5 November 2024, demanding implementation of the 11th and 12th bipartite wage settlements for CSB Bank employees.
Author: Abhivad
Published: November 7, 2024
On Tuesday, 5 November 2024, the Bank Employees Federation of India (BEFI) organised a dharna at CSB Bank headquarters in Thrissur, Kerala. The gathering aimed to press for the implementation of the 11th and 12th bipartite settlements (BPS) for employees of CSB Bank, a measure that has already been applied across other banks in the industry.
(Bankers attending dharna organised by BEFI at CSB Bank headquarters.)
Key Demand: Bipartite Wage Settlements
The main demand from the BEFI and CSB Staff Federation is to bring in wage revisions as per the 11th and 12th BPS agreements. These settlements, signed at an industry level, provide improved wage structures and benefits for bank employees. However, CSB Bank has not yet implemented these agreements, despite the positive financial performance reported by the bank in recent quarters.
Employee Dissatisfaction Over Pay Disparity
Speaking with Kanal, a leader of the CSB Staff Federation emphasised the frustrations of the employees, highlighting a lack of fair compensation. "The bank is showing progress in terms of net profit and operational profit. Yet the employees are paid meagre amounts. The progress in the performance of the bank does not reflect on employee compensation. But the chief officials are paid the dividend of profit. This is unfair," he said. He pointed out that the last wage revision occurred over ten years ago, adding, "It is high time the bank implements the latest industrial settlements, i.e., the 11th and 12th BPS, just like other banks."
(S S Anil, BEFI All India President, inaugurates the dharna organised at CSB bank headquarters in Thrissur, Kerala.)
The dharna was inaugurated by BEFI’s All India President, S S Anil, who expressed support for the employees’ demands. Addressing the gathering, he highlighted the importance of fair wage revisions in alignment with industry standards. Anil further pointed out that other banks, including those in the private sector, have already implemented these settlements, and CSB Bank should follow suit to maintain employee morale and financial equity within the organisation.
10-Year Wait for Wage Revision
CSB Bank employees have not seen a salary revision in over a decade, which, according to union members, has led to financial strain for the workforce. The last industrial settlement implemented in CSB bank is the 10th BPS, whereas the counterparts in the industry have already implemented wage revisions as per the 12th BPS.
Union representatives argue that the work culture in the erstwhile Catholic Syrian Bank(now CSB bank) went through a drastic transformation since the acquisition by Fairfax Financial Holdings-backed FIH Mauritius Investment Ltd in 2018. As Fairfax now bids to acquire a majority stake in IDBI Bank, concerns loom large.
Without the implementation of the bipartite settlements, employees feel they are missing out on fair compensation, especially in light of rising living costs. The employees have voiced concerns that while senior officials are rewarded with profit dividends, the workforce at large is left with stagnant pay.
Bank’s Financial Growth Yet to Reflect on Employee Benefits
According to CSB Staff Federation leaders, CSB Bank has marked improvements in operational and net profits, yet this success has not translated into benefits for the employees. The staff members feel that they are not receiving due recognition or rewards for the bank’s overall growth. BEFI has stressed that equitable wage distribution is crucial for maintaining employee satisfaction and sustaining productivity within the bank.
The BEFI-led dharna at CSB Bank headquarters in Thrissur highlighted the concerns of bank employees who are awaiting wage revisions as per the 11th and 12th bipartite settlements. With positive financial reports from the bank, employees are calling for fairer pay in line with industry standards. The outcome of this protest remains to be seen, but BEFI and union representatives have vowed to continue advocating for the rights of the bank's workforce until their demands are met.