Regulation of Banks (Remuneration and Conditions of Employment) (Temporary Provisions) Act, 1975

Power to prohibit increases of remuneration paid by banks.

4.—(1) Where—

(a) any banks, whether before, on or after the commencement of this Act, pay or agree to pay increases of remuneration to any of their employees or amend or vary or agree to amend or vary any other terms or conditions of employment of any of their employees so as to provide improved or more favourable terms or conditions of employment for them, and

(b) the Labour Court determines, in a report furnished to the Minister under section 3 of this Act, or a report or recommendation made, whether before, on or after, such commencement, under section 24 of the Industrial Relations Act, 1946 , that the payment or making of the increases, improvements or variations is or (if they have not been paid or made) would, if they were paid or made, be at variance with the provisions or purposes of either of the National Agreements or this Act,

the Minister may by order determine, for or in respect of the period to which the order relates, the remuneration and other terms and conditions of employment of those employees and may prohibit the payment, after the commencement of the order, by those banks to those employees of any increases of the remuneration so determined and the making, during or in respect of the period aforesaid, by those banks of any amendments or variations of the other terms or conditions of employment of those employees as so determined that would provide improved or more favourable terms or conditions of employment for them.

(2) A bank that contravenes or fails to comply with a provision of an order under this section shall be guilty of an offence.

(3) (a) An order under this section may relate to one or more banks and to one or more classes of employee of one or more banks and may make different provision in relation to different classes of employees in the same bank or in different banks or in relation to the same classes of employees in different banks.

(b) Remuneration and other terms and conditions of employment may be specified in an order under this section in such manner (including the setting out of provisions by means of which they may be ascertained) and by reference to such matters as may be specified in the order.

(c) An order under this section may contain such incidental, supplementary and consequential provisions as appear to the Minister to be necessary for the purposes of the order.

(d) An order under this section shall not have effect in relation to—

(i) payments made by the banks to their employees before the date of the reference to the Labour Court of the matter to which the order relates,

(ii) the application or operation, before such date, of amendments or variations of any other terms or conditions of employment of those employees.

(e) The Minister may by order amend or revoke an order under this section, including an order under this subsection.

(f) An order made by the Minister under this section shall accord with the relevant terms of any report or recommendation of the Labour Court relating to the matter.

(g) When an order is made under section 3 of this Act in relation to any matter, an order under this section in relation to that matter, shall not have effect in respect of any period before the commencement of the order under the said section 3.