A brief summary on PAY PROTECTION by way of 25% VARIABLE PAY drawn by the regular staff of the Bank

A brief summary on PAY PROTECTION by way of 25% VARIABLE PAY drawn by the regular staff of the Bank. The Jammu And Kashmir Bank Officers Association, Kashmir, Jammu and Delhi are the major constituent units of All India Jammu And Kashmir Bank Officers’ Federation which primarily consists of Jammu, Kashmir, Punjab, Delhi and Maharashtra. All India Jammu And Kashmir Bank Officers’ Federation is a registered trade union organization of the Bank which is affiliated to All India Bank Officers Association, a national level bank officers’ trade union platform. Officers’ Association is apolitical and its objective is to safe guard the interests of its members and extend all possible support to the Management of the bank for growth, productivity and prosperity of the bank……

THE JAMMU & KASHMIR BANK OFFICERS’ ASSOCIATION KASHMIR

A CONSTITUTENT UNIT OF AIJKBOF

(AFFILIATED TO AIBOA)

SAMAD COMPLEX, M.A.LINK ROAD, SRINAGAR.

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Ref. No: JKBOA/Kashmir/2020-01

Chairman & MD,

The Jammu & Kashmir Bank Limited,

Corporate Headquarters,

M. A.  Road, Srinagar Kashmir.

Dated: 27^th of January, 2021.

Subject:   A brief summary on PAY PROTECTION by way of 25% VARIABLE PAY drawn by the   regular staff of the Bank.

Respected Sir,

The Jammu And Kashmir Bank Officers Association, Kashmir, Jammu and Delhi are the major constituent units of All India Jammu And Kashmir Bank Officers’ Federation which primarily consists of Jammu, Kashmir, Punjab, Delhi and Maharashtra. All India Jammu And Kashmir Bank Officers’ Federation is a registered trade union organization of the Bank which is affiliated to All India Bank Officers Association, a national level bank officers’ trade union platform. Officers’ Association is apolitical and its objective is to safe guard the interests of its members and extend all possible support to the Management of the bank for growth, productivity and prosperity of the bank.

Our Bank, as all of us know, is the premier financial institution of the state – the first listed company from J & K, handling all the transactions of the J & K Government as an Agency Bank designated by RBI, the only Financial institution of J&K with a formidable track record of growth and profitability over eight decades of its existence, presence in every revenue block of the  J&K, having Lead Bank responsibility in 12 districts of the J&K, accounting for over 65% of credit deployment in the UT, providing employment to the State youth directly through appointments and indirectly by promoting and financing entrepreneurs, on the forefront in sponsoring sports events and many flagship programs of J&K and Central Government, promoting art culture and tourism, poverty alleviation through financial inclusion. To summarize, the Bank is ubiquitous in the geo-socio-economic landscape of the J&K. For build-up, of this outstanding facelift and success story of the bank, the all-round contribution of workforce and adorable policies of the Bank management together have played a key role.

We all know that our Bank also vastly benefits from its relentless support from its main promoter-The J & K Government-, impregnable franchise holding in the State and captive clientele. The relationship is hand-in-glove type and symbiotic in nature. The Bank reciprocates the loyalty and support of the promoter, vast customer base from the state and other stake holders by maintaining high standards of customer service, by providing bespoke financial products and services in tune with changing times. The Bank under the current management has adopted aggressive lending strategy in the J & K State while being selective in high risk advances. The result of this strategy has evolved as higher share of lending by the Bank in J & K. Expedient to mention here that without the of support of Government of J&K, pivotal role played by the Management and active participation of the workforce, build-up of strong fundamentals of the bank would not have been possible.

Banking is a service industry and delivers its service across counter to the ultimate customer. The activities of banking industry are all about relationship hence Human Resources (HR) assumes a very important role in banking industry for providing better services to the customer with smile in order to cultivate and maintain long relationship with their customer. Notwithstanding the level of technology, banking is primarily a labor intensive service sector, hence it will not be possible for the banks to sustain effectiveness unless human resources management is given prime importance because technology is only an aid to human effort and not a substitution there of .If technology is the equalizer, then the human capital shall be the differential in future. Human resources is the primary capital and all other tangible assets are secondary. The HR is most important element for the progress of banking. Though technology can replace manual intervention, the thinking process is the exclusive preserve of human beings. The level of satisfaction of staff decides the quality of customer services. One cannot expect excellent result/service from a dissatisfied employee. Their frustration and dissatisfaction with work obviously gets reflected in the way they treat the customer. So in modern day, all the policies relating to human asset should be well-defined, transparent, justified and sanctity of bilateral agreements reached from time to time should be maintained so that not only industrial peace and harmony is maintained which is essential for the success of any organization but can eventually prove motivating factor for the masses and result in greater productivity.

Since the inception of our bank, a number of agreements have been reached with the management on varied justified and legitimate demands of the workforce and this is a continuing process. With the changing scenario of the banking industry, new demands will emerge in future according to the requirements of the time and have to be settled across the table to nourish industrial peace and harmony which is one of the major factor for the progress and prosperity of the bank. Dedication, hard work on the part of the workforce has always been acknowledged by the Management of the bank and genuine demands have always been met all the times, that is why in the year 2001, Management while expressing satisfaction and in recognition of hard work efforts of the workforce felt pleased in announcing revised pay scales w.e.f.01.04.2001 over and above the national level wage settlement effective w.e.f. 01.11.1999. Expedient to mention here that it is on record that since 01.04.2001, our bank in line with any other private bank sector bank has not observed on a single day strike/protest. Moreover we have not  called for any kind of compensation  for the extra working hours including  the normal  banking hours even on Sundays and public holidays  to ensure  the success of all the flagship  programmes  rolled over  by either the Government of India or the Government of J&K.

We hereunder produce a brief summary of events from abinitio which led to disbursement of 25% variable pay (Pay Protection) to workforce of the bank and easily leads to understand that variable pay component is part and parcel of our salary which also qualifies for Dearness Allowance and other terminal benefits in certain proportions and has been created to give Pay Protection to the employees of the bank caused due to reversion back to IBA wage package in the year 2007. While reverting to IBA wage revision, Management ensured that shortfall/excess pay drawn was provided/protected and the protection was drawn as stagnation/transitional allowance which got adjusted with the increase in the D.A, Increment/benefits at the time of promotion. The audited financials signed and endorsed by the Board of Directors is testimony to the fact that our wages bill is an approved document of Board of Directors of the Bank.

We are quite confident and have full faith and confidence on the present dispensation who are well versed with their role under your able leadership, professionally sound Board of Directors whose strenuous efforts are not only yielding results and bank is back on growth and progress trajectory but employee friendly policy devised will definitely encourage the workforce which will result in greater productivity.

Annexures: 5(Five), Attached 

        Sd/=                                                   Sd/=                                                 Sd/=

Mehrajudin Shah                                     Anil Sharma                                      Abishik Baru

President                                                President                                         President  

JKBOA-Kashmir                                       JKBOA-Jammu                                  JKBOA-Delhi 

C.C:

1. President, Human Resources Development Division, Corporate Headquarters, M.A.Road for information.

2. Vice-President, Human Resources Development Division, Corporate Headquarters, M.A.Road for information