BASIC Bank chairman, MD confined inside head office

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The state-owned bank has reduced salaries of its officials citing soaring losses

Bankers at state-owned Basic Bank on Sunday staged demonstration again at its headquarters at Motijheel in the capital

They were protesting at their salary cut by the management a week earlier making the pays and parks of Basic similar to other public sector banks.

The managing director, the chairman of the Board were confined to their offices at the state-owned specialized bank’s headquarters.

Agitated employees said they will not let the top officials leave until the previous pay structure is reinstated.

More than two hundred staffers of the bank demonstrated for hours demanding immediate reinstatement of their previous salary structure, confirmed a high official of the bank.

The board of directors on the day was holding discussion on the matter at the bank while employees staged demonstration inside the bank’s headquarters at the time of filing the report around 8:00pm.

Talking to Dhaka Tribune, BASIC Bank Managing Director Md Rafiqul Alam said: “We are now discussing the salary cut issue at the board of directors’ meeting.” 

On December 23, Basic Bank employees staged demonstration for the first time inside the bank’s headquarters in protest against the salary cut.

State-owned Basic Bank, in an unprecedented move, has reduced salaries of its staffers citing soaring losses. 

The bank’s human resource division on December 22 issued a letter to all branch managers in this regard, said officials familiar with the procedure.

According to the letter, the decision was taken at the 487th meeting of the bank’s Board of Directors on December 11. 

The letter said, as Basic Bank continued to be a loss making concern over the last seven years, the ‘salary structure’ and all other employee benefits introduced in 2013 by the bank was scrapped. 

The letter also noted that the bank was paying higher salary to its employees as compared to those of the other state-owned commercial banks.