finance

Reports from Maharashtra, Karnataka, Tamil Nadu, West Bengal, Orissa and Jammu and Kashmir said the strike was total.

“The strike was spontaneous with eight crore people participating in it. It is an expression of deep indignation of the masses against the pernicious economic and labour policies of the United Progressive Alliance government,” Gurudas Dasgupta, general secretary of the All-India Trade Union Congress, told reporters.

The ban took effect on Sunday (March 9th), and has been maintained on Monday (March 10th) as well. This step is a direct response to current conditions, which preclude overtime pay from counting into workers` pension plans.

The strike has disrupted service at the country's central bank, and has brought chaos to electronic trading systems, as well as stock and bond trading. Thousands of workers have been on strike since Monday, and it was decided on Tuesday to continue the action.

These include increasing wages by 4.5% and adding workers hired through HR firms to the group pay agreement. Instead, management is only willing to increase wages to its direct employees, with a 0.5% blanket increase as well as an additional 3% to be rewarded selectively according to individual performance.

In scenes reminiscent of the 80s pre-stock market crisis, a major row has blown up over the attempted Private Equity takeovers of high-street giants Sainsbury’s and Boots.

Workers were on strike at 25 branches of the First International Bank of Israel at the begining of November over changes since a merger with Bank Otsar Hahayal. They walked out again on the 21st after workers were suspended following accusations that they leaked details of investigations into the newly appointed bank supervisor to the media, this aggravated the ongoing wage dispute.

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