Ice
11th April 2006, 18:28
MUMBAI (Reuters) - Thousands of workers at State Bank of India began an indefinite strike on Monday, demanding an increase in their pension but its treasury operations were not affected, union officials and traders said.
Government-run SBI, India's largest commercial bank, has more 200,000 staff at some 9,000 branches across the country.
"We are demanding a revision in the pension limit," Shakti Haldar, general secretary and vice-president of the All India State Bank Officers' Federation, told Reuters over phone from Kolkata.
The bank said in a statement that workers affiliated to two unions had started an indefinite strike, but it did not say whether its operations were affected.
Staff in the bank's currency and bonds trading said they were working. SBI is the biggest player in the money and foreign exchange markets.
Haldar said the unions were demanding the removal of a monthly pension cap of 4,250 rupees a month, fixed in 1992, and pay "in tune with the market".
He said SBI was in favour of raising the cap up to 50 percent of the basic salary received on retirement, but the finance ministry was dragging its feet.
Senior officials at the bank were not available for comment.
Shares in SBI were up 0.6 percent at 974 rupees in a firm Mumbai market.
State Bank of India staff strike for higher pension (http://in.news.yahoo.com/060403/137/63auy.html)
Government-run SBI, India's largest commercial bank, has more 200,000 staff at some 9,000 branches across the country.
"We are demanding a revision in the pension limit," Shakti Haldar, general secretary and vice-president of the All India State Bank Officers' Federation, told Reuters over phone from Kolkata.
The bank said in a statement that workers affiliated to two unions had started an indefinite strike, but it did not say whether its operations were affected.
Staff in the bank's currency and bonds trading said they were working. SBI is the biggest player in the money and foreign exchange markets.
Haldar said the unions were demanding the removal of a monthly pension cap of 4,250 rupees a month, fixed in 1992, and pay "in tune with the market".
He said SBI was in favour of raising the cap up to 50 percent of the basic salary received on retirement, but the finance ministry was dragging its feet.
Senior officials at the bank were not available for comment.
Shares in SBI were up 0.6 percent at 974 rupees in a firm Mumbai market.
State Bank of India staff strike for higher pension (http://in.news.yahoo.com/060403/137/63auy.html)