ING Vysya Bank employees to strike on Jan 7

Employees will demand job security after the merger with Kotak Mahindra Bank

The All India ING Vysya Bank Employees Union and All India ING Vysya Bank Officers Association have called for a strike on January 7 to demand job safety after the merger of Kotak Mahindra Bank and ING Vysya Bank.

ING will be holding its annual general meeting in Bengaluru on January 7, where they are going to seek shareholders’ approval for the merger .

Last month, Kotak Mahindra Bank had announced that it was acquiring ING Vysya Bank in an all-stock deal. Kotak Mahindra Bank has mentioned that there won’t be any job losses. However, the bank’s unions have asked for job and wage security.

S A Sridhar, member of the ING Vysya Bank Officers’ Association, said a tri-partite agreement should be signed among Kotak, ING and employees and officers be signed. He also added that the unions were not opposing the merger but, want to ensure that their jobs would be secure.

The unions also want that the employees who are under the Indian Banks’ Association (IBA) wage board should be allowed to continue with the remuneration structure. The unions represent about 35 per cent of ING Vysya’s work force.

Earlier in a letter to ING Vysya Bank’s Chief Executive- designate Uday Sareen, Joint Managing Director Dipak Gupta had stated the lender would honour all IBA settlements and bi-partite agreements.