Govt banks may switch from gross salary to CTC for pay hike | Business Standard

Govt banks may switch from gross salary to CTC for pay hike | Business Standard
Online comments recorded on April 18, 2013:

Like New Pension Scheme which has dismantled an existing social security system which was available to a small section of government and public sector employees without providing an acceptable transparent substitute, here again, it looks, GOI is planning to stealthily destabilise the wage structure in banking sector. There is no denying that ‘Cost to Company’(CTC) is an aspect that should be transparently packaged in any wage policy. But asking one category of employers(public sector banks) with whom GOI has a master-servant relationship to come out with ‘views’ on the concept makes one suspect the motives. Public sector, if backed with a level playing field as compared to the private sector, right from the Board Room to the junior-most functionary, will function much more efficiently than many of the private sector organisations in India, which, by and large, concentrate on the creamy layer of industrial and financial sector activities. Let us not forget that the civil services, executives and staff of public/private sector undertakings have to supplement the skills of the increasing number of political masters who were not as fortunate to get trained or groomed. The nation is immensely dependent on them for carrying out the development agenda on hand. There is a governance and ethical issue hovering around the remuneration structure across government, public and private sectors and the unorganized sector in India. Time for a National Commission on Remuneration Practices has come. The Commission should go into the adequacy of wages, minimum and maximum remuneration across sectors, their relationship to lifestyle needs of employees and paying capacity of employers and the need to factor in social security needs like healthcare and old age needs in wages. M G Warrier, Thiruvananthapuram


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