State Bank of India (SBI) Employees on Indefinite Strike

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The All India State Bank of India Staff Federation and the All India State Bank of India's Officer' Federation have jointly gone for an indefinite country-wide bank strike from April 3, 2006.

The strike has been called demanding revision of pension to 50 per cent of last drawn basic salary without any ceiling, and suitable revision of family revision. Since 1992-93, there has been two wage revisions but the retired employees were significantly loosing as there was no revision in pension rates.

According to the last revision done in 1992-93, a retired SBI employee, with last drawn basic pay upto Rs 8,500, was entitled to pension of 50 per cent of basic pay subject to a maximum of Rs 4,250. For those with last basic pay of above Rs 8,500, the pension was set at 40 per cent of basic pay subject to a minimum of Rs 4,250.

The retired employees were though entitled to get dearness allowance. The maximum family pension stands at Rs 1,000 with a minimum of Rs 300.

As against other nationalised banks, SBI employees enjoy the benefit of both the contributory provident fund and the pension fund in addition to their gratuity. Other banks offer either the provident fund or the pension benefit in addition to gratuity.

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