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State Bank of India (SBI) Employees Strike Called Off after the Settlement on Pension

The indefinite strike by employees of SBI has been finally called off after seven-days . India's Largest Bank will start functioning from 10th April 2006.

Government had decided to move in to end the deadlock between the management and striking employees' union leaders of the State Bank of India after talks between the two failed 8th night.The talks were held in delhi on Sunday (9th) with Ministry of finance Officials.

Under the settlement, the fresh `cut-off' of basic pay for determining pension has been increased to Rs 21,040 from Rs 8,500. All employees earning a basic pay of Rs 21,040 would get pension at 50 per cent of that amount, while those earning above that level would get 40 per cent for the incremental amount above Rs 21,040 "subject to a minimum of 50 per cent of Rs 21,040."

Mr Chidambaram, Finance Minister described the settlement as very satisfactory and mentioned that "In our scheme of things, SBI occupies pride of place. It has the potential to become a truly global bank," he said.

The strike had badly affected hundreds of thousands of middle-class salaried employees, corporates and markets. According to industry officials, the country's financial system had taken a hit of as much as Rs.20 billion (nearly $450 million) a day as a result of the strike by the workers of the public sector banking giant. Meanwhile, state governments of many states have asked the Reserve Bank of India to move their bank accounts out of SBI to banks of their choices.

Countdown to settlement of the longest banking strike..... Click here

How Strike affected the Indian financial sector..... Click here

Reason for the strike by SBI employees..... Click here

Visit State Bank of India (SBI) Main Page ..... Click here

Daily Banking News ..... Click here

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