In a bid to ensure that their jobs are secured and wages protected, the staff of ING Vysya Bank want a tripartite agreement with the Kotak Mahindra Bank and their current employers.
Last month Kotak Mahindra Bank announced the acquisition of the Bengaluru-headquartered ING Vysya Bank in a ₹15,000-crore ($2.4 billion) deal.
“We are insisting that Kotak Mahindra Bank come up with assurances in writing on the job safety aspect of all employees through a tripartite agreement,” said SA Sridhar, General Secretary of the All India ING Vysya Bank Officers Association.
ING Vysya has a staff strength of 10,590. “We want all the jobs and wages of all stakeholders to be protected,” Sridhar said. The association is planning to create awareness by educating the employees across India.
At the recently held Central Committee Meeting of the All India ING Vysya Bank Officers Association, concerns were raised on the issue of job safety, Sridhar said.
“They have to consider retaining all the employees. The merger should not be one sided,” he added.
Announcing the acquisition last month, Kotak Mahindra had said after the merger all ING Vysya branches and employees will become Kotak branches and employees.