The bank’s senior officials said that the bank’s new MD and CEO, RM Bhalla had elected a committee of executive directors in order to review the new payment system besides the new service rules that restricted the number of holidays and hiked the working hours.
The committee had asked the employees for their feedback. A top official said, “It is difficult to roll back the hike and say that the variable pay regime is off. Once you provide a hike, it’s tough to tell people that we will do away with the 30 per cent variable component as well as the hike”.
The alterations initiated by the earlier CEO and MD Yogesh Agarwal were disapproved by employees since it did not contain any performance evaluation/ measurement system.
Even the Government had asked IDBI Bank to halt the execution of the variable pay method.