UTI MF’s officers on strike against management

“We collect up to Rs 125-crore daily,how will they pay if there are some redemption pressures tomorrow? They will have to sell some securities as today over 500 of the total 900 officers are on strike,” he said.

The company’s head of Human Resources,T N Radhakrishna,said less than 170 officers,ranging from Managers to Senior Vice-Presidents,are abstaining from work today in support of the strike but maintained that business has not been affected and investors need not be worried.

The Association,formed in January this year,said for investor-comfort,some designated person is manning each of the 150-odd branches of the AMC,which is jointly owned by public sector banks and American investment management firm,T Rowe Price.

The management switched from the grade system of payments to the band system some years ago which has given rise to arbitrary pay hikes without any transparency,the Association claimed,adding that the basic pays have also not been revised for 10-years.

But Radhakrishna said a switch to the band system allows it to pay as per performance and the salary hikes are very transparent with the widely-used KRA (key resource areas) system being followed.

On hike in the basic pay,he said the management is ready to discuss the issue with the officers.

The problem arose because of the transfer of 33 employees recently which is a routine occurrence,he said,adding over 60 per cent of those were transfers on request.

That the list included some office-bearers of the association who were transfered from Mumbai to Jammu and Guwahati was “incidental”,Ramakrishna said,rubbishing allegations of vindictiveness in transfers.

Striking officers have warned of more such actions if the demands are not met,while Radhakrishna said the suspension orders of three officers will get revoked automatically if they rejoin work.