FM to relax LFC freeze for banks
Mumbai--The finance ministry may relax the two-year freeze on leave fare concession (LFC) for state-run banks, even as Syndicate Bank and United Bank of India (UBI) have gone ahead and suspended it for their employees for two years.
Reportedly, the finance ministry has informally asked the public sector banks (PSBs) to go slow on the issue.
Unlike government departments as well as Life Insurance Corpora- tion, General Insurance Corporation and its four former subsidiaries where LFC is part of the salary and can be suspended, in the banking industry LFC is part of a wage award settled at a bipartite level and cannot be suspended unilaterally.
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