The perquisites and other allowances as well as welfare facilities provided by the
banks and settled at the industry level should not be reckoned for the purpose of
arriving at the cost of wage revision. It is an essential area of functional
expenditure, as in the case of business promotion in other sectors of the economy.
We should strive for parity in allowances, welfare facilities and perquisites. We
therefore propose that the Bank should bear the tax on perquisites.