UCO Bank Employees will now get Allowances on basis of Performance
There is an important update regarding UCO Bank Employees. The Bank has introduced performance-based allowances for its employees. This means that employees who perform well and achieve targets will get allowances. This shows that the Bank is slowly incorporating the private style of banking. The bankers are criticizing UCO Bank on social media for this action. Let’s have a look at the new policy introduced by UCO Bank.
The Bank currently provides varied entertainment and conveyance allowance based on the Officer / Executive scale and designations. It is proposed to link this with the Quarterly Appraisal scores to provide additional benefits to top performers, while encouraging the lower performers to strive for achieving higher scores.
The slabbing structure for performance linkage is mentioned below and is built to drive negligible monetary impact on the Bank. The following Officer / Executive benefits to be linked with the Officers/Executives’ performance scores are proposed to be performance linked:
- Entertainment Allowance
- Conveyance Allowance (Fuel reimbursement)
- Conveyance Allowance (Amount reimbursement)
The benefits availed by an Officer / Executive in each quarter will be based on their Samsiddhi Performance Score in the previous quarter (extrapolated on a base of 70).
Slabs of Individual Quarterly Appraisal Scores
Based on the percentage achievement of scores, Officers/Executives will be eligible to avail a multiplier of the base value as per their scale for the above allowances:
| ACHIEVEMENT RANGE | MULTIPLIER |
|---|---|
| >80% | 1.2x |
| 50% – 80% | 1x |
| 30% – 50% | 0.8x |
| 20% – 30% | 0.7x |
| 0% – 20% | 0.6x |
For example, an Officer / Executive achieving 85% marks will be eligible to avail 1.2 times their base entertainment allowance amount. What you think of this, do let us know in the comment section below.
Public sector banks should not follow such concept, as this will lead to number-centric banking and will negatively impact customer service.
It appears that the government is not just considering privatizing public sector banks, but has already begun implementing policies to facilitate this transition. The recent decision to impose TDS on perks is a stark example of this shift.
This development is alarming, as it suggests that public sector banks will soon be handed over to private entities, leading to a loss of government control over these institutions. This has far-reaching implications, not just for government employees, but for society as a whole.
The erosion of public sector banks’ autonomy and the increasing influence of private interests is a disturbing trend that warrants urgent attention and action.