All India SBI Employees Federation Secretary PK Patnaik informed the press that the parties involved in the discussion have reached a cut off in terms of the demands.
According to Patnaik, SBI employees will now get pension equivalent to 50 per cent of their last drawn salary up to a ceiling of Rs 21,800. Beyond that pension would be given as 40 per cent of last drawn salary.
Previously, the cut-off point for 50 per cent of last drawn salary as pension was Rs 8,500 and above that pension was given as 40 per cent of last drawn salary. The staff will be back on their seats from Monday morning.
Meanwhile, Finance Minister P Chidambaram said the SBI management has informed the government that it has reached an agreement with the union representing the striking bank employees.
The talks were held in capital today and Finance Minister himself got involved him in the helms of the affair and ensured that the deadlock breaks. Appreciations for the finance minister in ensuring that the people in the country are not affected any more. After failure of talks on Saturday it was decided by the SBI Union to get together with other bank unions on Tuesday and do a massive strike.
Finance minister also said that the current payscales of the SBI employees were laid down in the year of 1992. So it is the right time to revise them.
As per the existing cut-off point, SBI employees get pension of 50 per cent of their last drawn salary up to a ceiling of Rs 8,500, which is Rs 4,250 per month. Under the new cut-off point, 50 per cent pension would paid on last drawn salary up to a ceiling of Rs 21,040, which would work out to Rs 10,520.
This is one of the land mark achievements for the Finance Minister in terms of his negotiation skills. Three state governments had withdrawn their accounts with SBI after the strike looked like never ending. Many corporate houses and the nation on a whole suffered a lot because of the strike. Definitely, if something happens for the first time in the history of 200 years of the bank, it does make an impact.