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Download PDF Four state-owned commercial banks (SCBs) plan to give three special increments to their staffs before implementation of a separate pay scale, and increase retirement age to 60 from 57.
Chief executives of these banks at a meeting recently decided to forward a proposal to this effect to the boards of directors of the SCBs for approval.
The meeting also decided to form an asset management company and formulate service rules, 2008, as part of efforts to improve standard of services of the banks.
The SCBs that have become public limited banks recently are now working out new strategies to compete with other private commercial banks as part of their reform process.
Executives of these banks decided that the banks would go for reforms on their own, but at primary stage they will fix some unified principles on various policy issues including staff salaries.
A seven-member committee comprising representatives from the SCBs –Sonali, Agrani, Janata and Rupali banks– has been formed to prepare a separate pay scale and service rules, 2008.
“It requires some time to introduce a separate pay scale for the banks. So, as an interim measure, all staffs will get three special increments,” said a high official of an SCB.
The service rules already drafted have also raised retirement age 60, and include various changes. Retirement age may be raised further in future.
Copies of the draft rules have already been sent to all the four SCBs, which will examine the draft and place it to their boards of directors, the official said.
A performance standard for the bank executives holding posts of deputy general managers and above has been prepared and sent to the finance ministry. And a similar performance standard will be prepared for executives from officer level to assistant general managers.
“As officials of the banks (SCBs) will be rewarded for their performance as in private banks, they will also have to be accountable for their duties,” said the SCB official.
The SCBs will form a separate asset management company with the shares of these banks. The banks will sell their defaulted loans to the company for recovery. Besides, it will conduct other activities including share business.
A sub-committee formed by the banks has been asked to prepare a report on modalities of asset management.
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