Mumbai: As many as 16 out of a total 19 officers of the closed branch of Bank of Tokyo-Mitsubishi in Mumbai have accepted the compensation package offered by the bank management.

A bank spokesperson says the package offers, among other things, 20 times the gross monthly salary upfront. The monthly salaries of officers ranged from a low of Rs 35,000 to a maximum of Rs 77,000 each. The management is retaining some of the officers to expedite the winding up process and they are being paid separately for it.

Other components of the package include carry-forward of the housing loans on same terms and conditions, mediclaim insurance premium for the officer and his family for the future, pension irrespective of whether or not s/he is eligible in terms of the banks pension policy and other terminal benefits such as provident fund, gratuity and leave encashment.

The spokesman, however, makes it clear that the closure decision is final and not negotiable. He concedes that none of the 47 workmen of the closed branch had yet accepted the package offered by the bank.

The package includes, among other things, 48 months gross salary upfront. If any workman wishes to opt for the package bypassing the diktat of the union, s/he within his or her rights can do that, he observes.