OBC not to protect original pay of Global Trust staff any more

Kolkata, April 19 | Updated: Apr 20 2005, 05:38am hrs
Public sector Oriental Bank of Commerce (OBC) will no more protect the original salary structure of the employees of the erstwhile Global Trust Bank (GTB), according to BD Narang, CMD, OBC. It took over GTB in August 2004.

We will have to bring the pay-scale and salary of the erstwhile GTB employees at par with OBC employees as recommended by the National Institute of Bank Management (NIBM), Mr Narang said at a conference here on Tuesday. He was in Kolkata to announce the launch of the banks second public issue.

OBC appointed NIBM to prepare a detailed report on how to bring about a parity in the pay-scale of OBC and the erstwhile GTB employees. NIBM has recently submitted its final report and we will implement its recommendations in totality by May 15, he said.

Only 30% of the erstwhile employees would be hit by the new pay structure, he observed. These 30% erstwhile GTB staff used to draw exorbitantly high salary and under no circumstance we can continue offering the same pay-scale to them. The remaining 70% will rather be benefited following the new pay-scale, Mr Narang claimed.

Currently, around 1,000 erstwhile GTB employees are under OBCs pay-role, he noted. Mr Narang stated that once NIBM recommendations are implemented, the erstwhile GTB employees will also not be allowed to retain any original designation, which does not match the designation pattern in OBC.