About 300 officers will retire two years in advance
THRISSUR: A circular issued by Catholic Syrian Bank (CSB) HR Department on Monday addressed to its officers has raised the spectre of job loss among its hundreds of officers in their late 50’s.
CSB, the Thrissur-based bank that enjoys the distinction of being the only bank in the country to have allowed a foreign entity to own majority stake, has now sent a rude shock to its hundreds of officers by reducing the superannuation/retirement age from 60 to 58 from April 1, 2019.
The bank is passing through a phase when the Canada-based Fairfax Group is concluding the due processes to own a majority stake in the bank that has remained capital-strapped for some time now.
A circular dated January 21, 2019 from the bank’s HR department has unnerved about 300 officers – 125 executives (Grade 4 and above) and 175 others, who are left to stare at the end of the road as far as their professional life is concerned.
“The Board vide BR NO DS-5 dated January 17, has now taken a policy decision and decided to modify the age of superannuation/retirement of officer employees from the current 60 years to 58 years, effective from April 30, 2019,” the circular said.
Accordingly, officer employees, who have already completed the age of 58 years and above/ or those attaining 58 years as on May 1, 2019 will be relieved from service on superannuation/ retirement w.e.f April 30, 2019.
The officers waiting to get the axe soon are said to be exploring ways to resist the management move even as they are yet to digest the shock of their life.
According to sources, around 70 other officers have already been served notice to accept compulsory retirement service (CRS) in the past few months under the garb of non-performance.
With these exercises, the bank is setting itself ready to cull a big section of its existing officers in their late 50’s from the close to 1500-strong force. The bank is also said to be in the process of implementing cost-to-company (CTC) structure for its officers above Grade 4, thus moving to free itself from the clutches of Indian Banks Association (IBA) on officers’ service parameters.
In another similar circular, the officers have been rudely reminded of the need for them to perform well, lest they should be risking their job in the organisation.
“No officer shall avoid the decision making /delay in the decision-making under the notion that no work – no accountability. Non-fulfillment/ non-achievement of expected business parameters and also avoiding taking bona fide business decision without justifiable reasons shall be under the ambit of non-performance,” the circular concludes.