Punjab National Bank , the state-run bank is pondering to move away from Indian Banks Association (IBA)-led wage settlement in order to retain talent under its own remuneration package. Usha Ananthasubramanian, the Managing director and chief executive disclosed that the bank has set up an internal committee which would consist of general managers which is studying the feasibility of a new wage structure for the bank.
She added that the times are changing and they have to change with the time. They can't be saying that they are going to follow the same old things. They are moving into an era where it is needed to recognize performance and give remuneration to manage talent.
She, however, mentioned that it is an initial thought and nothing has been finalized so far. They will have to deliberate at the board level. And 've formed an internal committee of general managers to examine what would be pros and cons and they are working on it.
Ms Ananthasubramanian previously said that the bank had decided to move away from the community-based wage negotiations but later had stick to IBA-led wage structure. Presently, banking lobby IBA, on behalf of its member banks, negotiates wage settlement with employee unions and officers associations.
The wage settlement is applicable for five years. In the last wage settlement, which was settled last November, employees were given 15 per cent hike e in salary and allowances. The wage revision was effective from November 1, 2012 and is will be valid till 2017.
As on 8th Nov, PNB share price settled at Rs. 140.60 (up 0.28 per cent). The stock was trading at Rs. 140.85 and touched the day’s high and low at Rs. 141.20 and Rs. 138.15.
This morning the stock slipped 6 per cent.
PNB is analyzed by Dynamic Levels as the top 500 performing stocks for this quarter. For further details on the stock, refer to PNB share price forecast.
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