Unfortunately, our own comrades cite the mounting NPAs and the consequential lower profits as the valid reason for the inability of the banks to pay more to their staff. I give hereunder certain statistics to refute the above argument and to buttress my case.
Fiscal Deficit:
As per this, the fiscal deficit of the country at the end of August, 2014 was Rs.3.97 lakh crores (for 5 months period). At the end of March, 2015, this is estimated to be ‘pegged’ at Rs.5.31 lakh crores or 4.1% of GDP (if GDP falls short of the target, then in percentage terms, the fiscal deficit may touch 5%).
Revenue Deficit:
The data showed that the revenue deficit during the period was over Rs 3.24 lakh crores or 85.8 per cent of the BE at the end of August, 2014 (for 5 months period). At the end of March, 2015, the revenue deficit may zoom past Rs.6.00 lakh crores.
Taxes unrecovered:
It is officially reported that Rs.5.86 lakh crores of taxes are yet to be recovered and a substantial portion of them is locked up in disputes. Nearly, 5% of them are irrecoverable too, because the assessees are not traceable.
In the above backdrop, central government employees earn 40% salaries than bankers and enjoy much better service conditions and living conditions. Thus it is clear that there is no correlation between the financial health of an organization and its paying capacity.
Now, you tell me. Don’t bank staff who shoulder greater risks and responsibilities deserve a hike of not less than 50% in their salaries?
Or at least parity with central government staff in salaries and all other service conditions?
Date: 03-10-2014
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