Punjab National Bank is planning to have its own wage structure for employees, instead of the IBA-sponsored wage structure in order to retain talent. Usha Ananthasubramanian, MD and CEO of the bank, said a committee of general managers of the bank has been set up to examine the proposal and how effective it would be. According to news reports, she is said to have mentioned that the bank can no longer s ay it will have to follow the old things and it has to move to a new era and recognize performance and reward the performance accordingly. The whole idea is at a conceptual stage, she added. At present, IBA carries out wage settlement negotiations with the employees’ unions on behalf of the public sector banks.
