Monday, August 21 2006 16:56 Hrs (IST) - World Time -

New Delhi: Reserve Bank employees today (Aug 21, 2006) threatened to go on strike on August 23 to press for their pension-related demands.

RBI employees held a demonstration outside the bank's office here with union leaders calling upon the Government to invite them for talks, failing which they would go on strike on Wednesday.

If the RBI employees strike work, clearing of cheques would be severely affected as about 50 lakh cheques with a total value of Rs 400-500 billion are cleared daily.

All India Reserve Bank Officers Association Secretary K L Vasishta said the proposed strike will mainly be against the Government's move to stop revision of pension given to the Bank's employees retired between 1986-96.

Other leaders of United Forum of Reserve Bank Officers and Employees, which gave the call for strike, alleged the Finance Ministry had written a letter to the RBI management, asking it to withdraw the revision of pension given to those retired between 1986-96 on the grounds that it is not legal.

They said the updating of pension was on the lines of 5th pay commission for central government employees.

Two other demands of the forum are improvement of family pension of retired RBI employees and revising the commutation rate from the existing 33 per cent to 40 per cent as available to the Central Government employees in the light of the 5th Pay Commission recommendations.