2nd April 2009
Srinagar
JK Bank officers' retirement age enhanced to 60."The move is aimed at succession planning for smooth functioning of the Bank" – Dr. Drabu
In a landmark decision, Board of Directors of the J&K Bank have enhanced the age of superannuation in the Bank's Officers cadre from 58 years to 60 years w.e.f. 01-04-09. Succession planning, especially in the wake of current economic scenario and the future challenges facing the banking industry, has necessitated such a move.
Between 1993 and 2004, the bank witnessed a virtual stagnation at the top management level with only 21 promotions being effected in 12 years. Presently at the Top Management Levels 20 officers out of the total 32 were retiring in the next two years. This would have exposed the bank to operational risks emerging out of a sudden and large gap in its leadership levels.
Dr. Haseeb A Drabu, Chairman and Chief Executive of the bank, while commenting on the move said, "Despite rapid and regular promotions in the last three years, 198 officers were superannuating in the recent future. Even as the organization is having competent people to move to the leadership level, the fact remains that most of the aspirants to this level have spent only about a year in the current roles. This would have resulted in a loss of institutional knowledge and memory."
Notably, in the last four years the bank has effected nearly 3000 promotions at different levels in order to harness a competent force to shoulder the future responsibilities of the bank. More promotions are expected during this year too. Dr. Drabu further said that the succession planning is mantra of all modern organizations for smooth operations. "The executives down the line need hand holding and time to gain adequate experience to shoulder the responsibilities of a strategic kind," he said.
It is worth mentioning that in 2007, the employees of the bank were divided into four levels, viz. the operational level, the executive level, the management level and the leadership level. A comprehensive plan was formulated so that there is an adequate pool of officers ready to move into the management and leadership bands. Meanwhile, J&K Bank Officers Association has thanked the chairman for enhancing the retirement age of officers to 60. "Officers of all public sector and private sector banks in India have retirement age of 60 and we were the only officers with 58 as retirement age. Today discrimination against us has been removed and it is all because of the efforts of Dr. Drabu," said the Association.
Two prominent leaders of the state government employees, Khursheed Alam and Abdul Qayoom while commenting on the move said that the bank is a private organization and it's the prerogative of its management to take its own decisions for betterment of the bank. "It is a good and appreciable decision. We congratulate the officers of the bank on this occasion," they said.
Meanwhile, it is in place to mention that the age of superannuation in case of workmen staff in the bank was already 60 years. The retirement age in two regional rural banks, Kamraz Rural Bank and Jammu Rural Bank sponsored by J&K Bank is also 60. Even the public sector banks and the private sector banks in India have retirement age of officers as 60 years.
Dr. Haseeb A Drabu, Chairman and Chief Executive of the bank, while commenting on the move said, "Despite rapid and regular promotions in the last three years, 198 officers were superannuating in the recent future. Even as the organization is having competent people to move to the leadership level, the fact remains that most of the aspirants to this level have spent only about a year in the current roles. This would have resulted in a loss of institutional knowledge and memory."
Notably, in the last four years the bank has effected nearly 3000 promotions at different levels in order to harness a competent force to shoulder the future responsibilities of the bank. More promotions are expected during this year too. Dr. Drabu further said that the succession planning is mantra of all modern organizations for smooth operations. "The executives down the line need hand holding and time to gain adequate experience to shoulder the responsibilities of a strategic kind," he said.
It is worth mentioning that in 2007, the employees of the bank were divided into four levels, viz. the operational level, the executive level, the management level and the leadership level. A comprehensive plan was formulated so that there is an adequate pool of officers ready to move into the management and leadership bands. Meanwhile, J&K Bank Officers Association has thanked the chairman for enhancing the retirement age of officers to 60. "Officers of all public sector and private sector banks in India have retirement age of 60 and we were the only officers with 58 as retirement age. Today discrimination against us has been removed and it is all because of the efforts of Dr. Drabu," said the Association.
Two prominent leaders of the state government employees, Khursheed Alam and Abdul Qayoom while commenting on the move said that the bank is a private organization and it's the prerogative of its management to take its own decisions for betterment of the bank. "It is a good and appreciable decision. We congratulate the officers of the bank on this occasion," they said.
Meanwhile, it is in place to mention that the age of superannuation in case of workmen staff in the bank was already 60 years. The retirement age in two regional rural banks, Kamraz Rural Bank and Jammu Rural Bank sponsored by J&K Bank is also 60. Even the public sector banks and the private sector banks in India have retirement age of officers as 60 years.