HR News: 15 Dec, 2023

1.

Public-sector banks set for 17% salary boost in FY 22-23

Unions are also insisting on declaring all Saturdays as public holidays for banks before signing the final agreement, which includes the decision for a 5-day work week. The Indian Banks Association (IBA) and bank unions have agreed on a 17 per cent annual salary increase for five years, starting from the fiscal year 2021-22. The wage revision, effective from 1 November 2022, is part of a memorandum of understanding between the IBA and various unions. However, the unions are insisting on declaring all Saturdays as public holidays for bank employees before signing the final agreement, which includes the decision for a five-day work week. Next year, employees in public-sector banks, including the State Bank of India (SBI), are in for a 17 per cent salary increase, totaling a significant Rs 12,449 crore. This agreement is part of a Memorandum of Understanding (MoU), where they plan to adjust pay scales by combining the dearness allowance and adding a three per cent increase, amounting to Rs 1,795 crore. The distribution of this pay raise will be worked out based on the cost of running the banks in the upcoming year. To finalise these plans and address agreed-upon matters, there will be meetings between bank representatives and employee unions. These discussions aim to create a detailed agreement, known as a bipartite settlement, outlining the terms both parties have settled on.

 

2.

UTI AMC allots shares to employees

All the allotted equity shares will have equal standing in all aspects with the existing equity shares. UTI Asset Management Company (UTI AMC) has allotted 17,158 equity shares to employees. The decision comes from its Nomination and Remuneration Committee. Each equity share holds a face value of Rs 10. Furthermore, the newly allotted equity shares will have equal standing in all aspects with the existing equity shares. This allocation is a result of eligible employees exercising options under the ‘UTI AMC Employee Stock Option Scheme – 2007,’ as stated in the company’s exchange filingFollowing the allocation, the company’s issued and paid-up share capital will go up from Rs 1,27,02,27,680 (comprising 12,70,22,768 equity shares with a face value of Rs 10 each) to Rs 1,27,03,99,260 (comprising 12,70,39,926 equity shares with a face value of Rs 10 each).

3.

Bosch to cut 1500 roles in Germany

The company will reassess several roles in the areas of development, administration, and sales within its drives division at the Feuerbach and Schwieberdingen sites. Bosch, the automotive supplier, has recently announced plans to reduce its workforce by up to 1,500 positions. The job cuts are to take place in two of its German facilities by 2025. The cuts in the workforce were initially disclosed by the automotive industry publication, Automobilwoche. The company will reassess several roles in the areas of development, administration, and sales within its drives division at the Feuerbach and Schwieberdingen sites. The decision is driven by the necessity to align staffing levels with evolving demand and technological changes in the automotive sector, as stated by the company on 10 December, 2023. This involves aligning its employment levels with the current order situation, structural shifts in the drive sector, and the market integration of upcoming technologies.