Millennium Post

ING Vysya Bank employees worried about Kotak merger

The management of ING Vysya Bank used to honour the bi-partite negotiations which it had entered with the unions regarding service conditions but the Kotak Mahindra Bank management did not make any commitment on the continuation of existing service conditions on absorption into the new merged entity, the spokesman for officers and employees of ING Vysya Bank said here on Saturday.

The Kotak Mahindra Bank management has also said that ING Vysya employees would get pension but it would not be linked to dearness allowance, the spokesman added. More than 4,000 employees and officers of ING Vysya Bank would be absorbed into the rolls of the merged entity.

The deal will make Kotak the fourth-largest private bank in the country in terms of total business. The biggest three are ICICI Bank, HDFC Bank and Axis Bank, in that order. The combined banking entity will have a widespread network of 1,214 branches across the country.

Meanwhile, a section of employees of NVH India Auto, component supplier to Korean auto maker Hyundai, who have been staging a sit-in strike in the factory at nearby Sriperumbudur demanding reinstatement of 17 dismissed workers, were detained on Saturday, police said.  

The agitating employees, numbering more than 90, are also demanding recognition of their union. “They were staging an sit-in-strike inside the campus since yesterday. Today, we have detained them,” a senior police official informed.

An agitating employee claimed the management had recently dismissed some workers following a strike and sought reinstatement of the workers.
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