NEWS & ADVICE : HOME LOANS
RBI staff walked off their jobs for a day
By Joseph Samson
Oct 23, 2008
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The Reserve Bank of India employees went on a one day strike on October 21st. As many as 25,000 employees of RBI went on a "mass casual leave" in order to press on pension increases.

The strike at RBI's 20 offices in the country has caused some disruption to normal operations, including the payment and settlement system. RBI employees had also conducted two days' liquidity adjustment facility (LAF) auctions on Monday only in the wake of the strike call.

The RBI staff had protested on issues relating to superannuation and updating of pensions. The United Forum of Reserve Bank Officers and Employees thought that there was a move to reduce the pensions of retired RBI officials. The union also demanded a hike in interest rates of Provident Fund along with family pension at a rate of 30%.

The RBI revises employees' salaries every five years, but a union official said pensions were not reset at the same time, causing hardship as prices rise.

Satish Sawant, President of the All India Reserve Bank Officers' Association, said: "The present pension is hardly enough as inflation is high."

However RBI statement mentions such an action "uncalled for, in the absence of due notice, it amounts to an illegal strike."

The Bond market also remained closed for the day due to nationwide strike of RBI employees.

 


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