One million Indian bank workers go on strike

The workers were striking for better pay.

Union representatives have claimed that around one million bank employees across India are on strike to demand better pay and bank reform.

The two-day strike, which ends today, has seen thousands of bank branches – both public sector and commercial – close shop.

Workers have expressed their displeasure with a proposed pay raise of 2%, which is below the country’s inflation rate of 4.5%.

The striking employees are also calling for a government crackdown on companies that do not pay back loans. India’s banks are weighed down by mountains of bad loans, reportedly worth more than US$120 billion. These bad debts are some of the highest carried by lenders in the world’s emerging markets.

"We have been consistently demanding that the government should come down heavily against those big corporates (who default on payments). Without which Indian banking cannot be revived," Devidas Tuljapurkar of the United Forum of Bank Unions told AFP.

It is big corporates who are attributable for losses to the banks. But for no fault on their part ordinary employees and officers are being denied their due share in profits," he added.


Click here for more Compensation and Benefits News
Lush Australia may owe as much as $2 million to current and former employees
- 15 Aug 2018
The lapse was due to outdated payroll systems that were unable to keep up with business growth.
Jet Airways decides against pay cuts
- 08 Aug 2018
Following employee protests, and despite financial difficulties, the Indian carrier has decided not to slash employee salaries.
French worker wins right-to-disconnect battle
- 06 Aug 2018
His ex-employer was found to have breached his right to disconnect from work.
Millions of Australians now eligible for domestic violence leave
- 01 Aug 2018
The new entitlement follows a recent decision by Australia's Fair Work Commission.
Nike to raise salaries of 7,500 employees globally
Kelvin Ong - 24 Jul 2018
The salary increment follows a recent internal global pay review spurred by doubts about the company's HR practices.
Kiwi firm experiments with four-day working week
- 23 Jul 2018
Perpetual Guardian's six-week trial saw an overall improvement in workforce productivity.