Ranbaxy unit launches generic atorvastatin in South Africa

Ranbaxy Laboratories Ltd said its subsidiary Ranbaxy S. A. has launched generic atorvastatin, 'Lipogen', a cholesterol reducing medication in the South African market.

Ranbaxy is the first generic pharmaceutical company to launch a generic atorvastatin in that country.

On Tuesday, Ranbaxy shares ended 1.6% down at Rs415 on the Bombay Stock Exchange, while the benchmark Sensex closed 1% down at 16,617 points.

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HCC unit partners with Egypt's Orascom Construction Industries

Hindustan Construction Company Ltd said its unit HCC Infrastructure Ltd (HIL) has signed a memorandum of understanding (MoU) with Egypt's Orascom Construction Industries for bidding and developing the National Highway Authority of India (NHAI) projects in India.

HIL and OCL, a leading Middle Eastern construction contractor, will also explore a broader scope of partnership with the intent of jointly creating a premium portfolio of infrastructure assets across different sectors in India.

On Tuesday, HCC's shares ended 0.9% down at Rs110 on the Bombay Stock Exchange, while the benchmark Sensex closed 1% lower at 16,617 points.

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Bank employees, unions divided over wage settlement

The bank employee community is divided over discrimination between pension optees and PF optees, claim industry sources. One section is unhappy with the wage package accepted by the United Forum of Banks’ Unions

The ninth bi-partite wage settlement, which was recently concluded between the Indian Banks' Association (IBA) and the United Forum of Banks' Unions (UFBU), has not gone down well with a section of the bank employees and officers, say sources within the industry. Apparently, there is still a lot of resentment amongst the employees for a variety of reasons.

Provident fund (PF) optees have raised a hue and cry about the injustice meted out to them with regard to the second pension option to bank employees. Under the wage settlement, one more pension option was made available to 2.66 lakh bank employees and officers who had not availed pension earlier. Sources within the industry indicate that the entire burden of Rs1,800 crore for availing this second option is to be shared only by the PF optees by contributing 2.8 times of November 2007 pay against 1.6 times agreed earlier. In sharp contrast, the memorandum of understanding (MoU) signed on 27 November 2009 and on 27 April 2010, had indicated that the pension cost will be shared by all the employees. However, the final wage settlement signed by the UFBU has left the PF optees high and dry, causing a lot of resentment and anguish.

This has even forced the PF optees to come together and create a forum in the name and style of "United Forum of Provident Fund Optees, Mumbai". The forum will be holding its first convention at Rama Watumall Auditorium of KC College, Churchgate (south Mumbai) on 12 June 2010, Saturday at 2.30 PM to demand pension on the same lines as was made available to earlier optees or to honour the earlier MoU.

Chairman of the UFPFO, Mumbai, Akshar Parasnis and convener of the UFPFO, Mumbai, JS Rao, have called the meeting and appealed to all bank employees to join the forum to fight against this discrimination between pension optees and PF optees.

As such, the bank employee community appears divided between pension optees who had earlier opted for pension merely by surrendering the management's contribution of provident fund with interest and the other being the provident fund optees who did not avail the pension option during 1993-95. There appears to be infighting among different bank employees' unions on this issue as well.

The Indian National Bank Employees' Federation (INBEF) on its part is claiming that this burden on PF optees is the work of certain vested interests from within the unions. These entities apparently obtained a legal opinion on the sharing of pension cost for facilitating second pension option to PF optees. The said legal opinion submitted to IBA was brought at the final stage of signing the wage agreement. It stated that it was illegal to recover the pension cost from the arrears payable to pension optees as they had already availed the pension and this second option is only for the PF optees. The INBEF claims this was part of a carefully planned and directed move by one or two employee unions.

When Moneylife contacted Vishwas Utagi, secretary of the All India Bank Employees' Federation (AIBEF), he flatly denied any such discord in the community. "There is no such confusion in the industry regarding the settlement. Everybody is satisfied with it and employees will be getting the arrears soon. Those who raised an objection earlier have also signed the agreement. So there is no question of any dissatisfaction."

Shekhar Kadam, secretary of the All India Bank Officers' Confederation (AIBOC), Maharashtra confirmed that there were some murmurs initially, but most unions have accepted the settlement. "Barring one or two unions, others have agreed completely with the wage settlement. Even some of our members had some reservations initially, but we have convinced them. We are happy with the pension option."

Among the other things that have irked the bank employees is the 'meagre' hike of 17.5% announced in the revised wage settlement. This apparently includes the 6.25% of pension cost of Rs1,800 crore on the employees. They are arguing that bank employees and officers continue to be among the lowest-paid government staffers when compared to other PSUs and employees covered under the Sixth Pay Commission.
 

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COMMENTS

AK DUTT

6 years ago

can any one suggest wheather there is any forum for retired bank personnel 0f p.f optees AS RETIRED BANK HAVE TO REFUND 156%OF BANK CONTRIBUTION. THIS IS INJUSTICE AS RETIRED BANK STAFF WILL NOT GET PENSION FROM RETIREMENT DATE BUT FROM 28/11/2009. THIS IS NEGOTIATION OF DICTATORSHIP OF UFBU.&INDIAN BANK ASSOCIATION

RNarayanan

6 years ago

stay vacated. gud for all. main case is admitted. too gud for all in the long run. all have given lot of points in support. have patience. the illegal acts of leaders in collusion with iba will get exposed. the court case must be pusued with all earnestness. all bank employees, serving snd retired will support. the famous Nagara's case is a classical example. Wait and see. Lot of points in support of existing pf optees' demand. They will win at the end.

RNarayanan

6 years ago

IBA says 'contribute 2.8 times or remain as pF optee'. Let banks return the share taken from PF optees in earlier settlements from the wage revision for the benefit of pension fund. Then, PF optees will ignore the pension option. Or else PF optees will contribute 2.8 times and opt for pension. Why a justifiable choices are not given?

aditi parchure

6 years ago




second pension option at280% of bp at nov.2007 is injustice to p/f opties
if iba denies any change in settelment
cotri bution made by p/f opties since
1997 be refunded to p/f optees with int
further 70% portion contributed by iba in pension fund should also be added to p/f opties p/f a/c as terminal benefits
of 9th bi -set
otherwise it will be a donation to poor pension fund without any tax remmision ufbu has offered p/f optees

Venkatesh Shriyan

6 years ago

UFPFO, Maharashtra will hold a massive demonstration on 23rd June, 2010 at 5.30 P M in front of Bank of India, Main building, Mumbai to protest against:
1. Recovery of 2.8 times instead of 1.6 times of November 2007’s revised pay from only PF Optees.
2. Recovery of 56% more in addition to Bank’s contribution of PFreceived by the Retired PF Optee Employees at the time of retirement.
3. Discrimination between PF and Pension Optees.
Our Demands:
• Pension Cost of Rs.1800 crores be shared by the Banks/IBA.
• If at all Rs.1800 crores is to be shared, then the same should be shared equally by all the employees as per MOU of 27th Nov.2009.
Friends, come one and come all to make the demonstration of 23rd June 2010 a grand success.
With fighting greetings,

S.H.S. Mani

6 years ago

Bankmen alone has been treated in an unfair manner for the Govt. They have to work with minimum workforce, no recruitment, doing all sorts of other Govt. job, earning huge profit, yet they were paid less.Even in the case o;f bank retirees, same case. Wny the Govt. attitude is like this nobody knows.

REPLY

ak dutt

In Reply to S.H.S. Mani 6 years ago

govt. of india has given treatment to retired bank personnel as 4th grade citizemn of indiabecause not a single political parties has not criticised the manner of negotiationbetween iba & so called bank union aiboc ufbu have no right to play with family members of retired bank personnel why they ( retired bank staff)have to return 156% of bank contribution what is given at the time of retirement+56%. why this is robbery by i b a.LET FINANCE MINISTRY INTERFERE WITH I B A. IT IS THE I B A HAS DIVIDED BANK PEOPLE THIS I B A HAS NOT CONTRIBUTED TO INDIAN ECONOMY. IT IS A BURDEN ON INDIAN ECONOMY. LET IT BE ABOLISHED. STAFF OFIBA SHOULD BE POSTED IN OPERATION SIDE OF BANKS. NO INPORTANCE BE GIVEN TO RETIRED BANK LEADERS.ACCORDINGLY CONTITUTION SHOULD BE RE-AMMENDED

obm

6 years ago

Under the wage settlement, one more pension option was made available to 2.66 lakh bank employees and officers who had not availed pension earlier. Sources. But it seems that it is not option but pf optees have to purchase by paying 2.8 times of Nov 2007 pay i.e. huge money from their arrears.
The entire burden of Rs1,800 crore for availing this second option is to be shared only by the PF optees by contributing 2.8 times of November 2007 pay against 1.6 times agreed earlier. In sharp contrast, the memorandum of understanding (MoU) signed on 27 November 2009 and on 27 April 2010, had indicated that the pension cost will be shared by all the employees. However, the final wage settlement signed by the UFBU has left the PF optees making them to buy or leave without it.

K S N MURTHY

6 years ago

Generally outside people including media highlight the large number of staff strength that our PSBs have. But while talking about the wage revision they simply go with the gross amounts involved in wage revisions conveniently forgetting the large number of people involved.
Sadly, leave alone the managements, even our unions are cheating us.

P V V Subramanian

6 years ago

No doubt, there is lot of resentment among the Employees. Surrendering the Management contribution with interest by the employees who have opted for pension earlier, will be sufficient to take care of the extra load. There is no justification to expect major share of the arrears from the poor employees.

K Narayanan

6 years ago

Why crib about low salaries.You also follow new gen pvt banks.Don't issue pass book for SB a/cs,send statement once in 3 months.Ask for min balance of Rs10000 for SB account.Don't open pension accounts and no frill account.Don't implement govt sponsored schemes.Outsource retail deposit accounts as well as loan accounts.Employ thugs to recover the loans.Take RBI inspectors to Singapore/Hong kong so that you get good report.
Charge fabulous amount of RS500 -min for return of cheques.
Send off 50% employees home and outsource majority of work.
When customers approach branch head for any problem advise BH to tell the customers to mail to customercare as the branch operations are handled by centralised back office.Have drop box for clg cheques and covers for cash deposits.Don't ack anything
Then good salary can be paid to the employees with min responsibility as is done by pvt new gen banks.Unless unions highlight what PSU banks are doing and how pvt players are looting no solution for PSU bank employees.Don't go on strike.Going on stike only hasten the privatisation process..

V.Chandran

6 years ago

Had there been pay commission or arbitration instead of bi-partite settlement bank employees' salary would have been much better.

C D DATAR

6 years ago

"ALL IS NOT WELL." IN LONG RUN THIS WILL DEFINATELY HARM THE UNION MOVEMENT IN BANKING INDUSTRY. IT HAS LAID DOWN THE SEEDS OF SPLIT.

Janet B Pinto

6 years ago

If Mr S Kadam of AIBOC feel that "we are happy with the pension option",it only implies that he and all those who he is referring to have not felt the anguish and not heard the cry of its members.
How can the pension option offered with all its riders cause any cheer???Far from it.

s.padmanabhan

6 years ago

It is true that bank employees/officers,
including RBI were low paid compared to
other PSUs and Central govt. staff
covered by the sixth pay commission.
It is fate which we have to accept.

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