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Basic Bank salary cut sparks demonstration

The ‘salary structure’ and all other employee benefits introduced in 2013 by the bank was scrapped.

State-owned BASIC bank staffers on Monday staged demonstration inside the bank’s headquarters at Shena Kallyan Bhaban in Motijheel in the capital in protest against the salary cut.

Demanding immediate reinstatement of the previous salary structure, they also confined the bank’s managing director Md Rafiqul Alam to his office chamber for hours between 11:00am to 6:00pm and sought a discussion with the bank’s board of directors.

However They agreed to move away in the evening on the day after the top management assured them of holding a meeting of the bank’s board within this month to discuss the issue.

The bank Managing Director Md Rafiqul Alam say that, he and his team’s senior members were discussing the board’s decision over salary cut to find a peaceful solution. And alos discussing the matter. Senior officials and representatives of the staff members are with me. the board chairman Alauddin A Majid was informed of the latest developments and he agreed to sit again this month to discuss the issue.

State-owned Basic Bank, in an unprecedented move, has reduced salaries of its officials citing soaring losses. The bank’s human resource division on Sunday issued a letter to all branch managers in this regard, said officials familiar with the procedure.

According to the letter, the decision was taken at the 487th meeting of the bank’s board of directors on December 11. A high official of the bank on condition of anonymity say At this point they don’t have any alternative but to reduce salaries to survive. To save the bank they must reduce the bank’s expenditure.”

According to the letter, from now on the officials of Basic Bank will get salary as per the ‘Service (Bank, Insurance, and Financial Institution) (Salary and Allowances) Ordinance 2015’, issued by the Implementation Section of the Finance Division under the Ministry of Finance. The total cumulative loss of the bank stood at Tk 3,600 crore until 2018, including Tk 356 crore in last year.

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