New Delhi, April 10 (PTI): The week-long strike by SBI employees was called off Sunday night following a settlement, which gives higher pension to 2.10 lakh staff of the country's largest commercial bank.

Announcing the settlement after a marathon meeting lasting more than 10 hours between the Finance Ministry, striking workers and SBI management here, Finance Minister P Chidambaram told reporters that the employees getting up to Rs 21,040 salary will get 50 per cent of last drawn pay as pension and above that 40 per cent. Earlier, the cut-off salary for 50 per cent pension was Rs 8,500, which has been raised to Rs 21,040. Beyond this salary, employees will get 40 per cent of their basic as pension subject to a minimum of Rs 10,520 a month. The cut-off of Rs 21,040 will actually work out to be Rs 21,800 if personal qualification allowance of about Rs 700 is included.

Following the settlement, Chidambaram said the employees had called off their strike and would resume work from today. Satisfied with the outcome, All India SBI Staff Federation Secretary, P K Patnaik, said all the pending work due to the strike would be cleared so that customers are not put to any inconvenience. To a question, the union leader said the employees would not claim salary for the strike period. SBI Chairman, A K Purwar, said losses suffered due to the strike were "enormous," but he cannot quantify them.

He said the bank would talk to the State governments, which have shifted their business from SBI to other PSU banks to get their business back. The details of the bilateral settlement would be worked out after Purwar reaches Mumbai today, Chidambaram said, adding, all that has been resolved today was the thorny issue of "unrealistic" cut-off for pension. He said the settlement is unlikely to spark off "competitive demand" from other nationalised banks and public sector undertakings.

"Other nationalised banks have their own forumla and SBI has separate pension formula. The wage settlement of banks clearly stated that pension clause will not apply to SBI, which will be settled separately. "The cut-off salary of Rs 8,500 for 50 per cent pension on last drawn salary was fixed some years ago and related to pay scales of 1992. I always held it was outdated and irrelevant," he said.

"This was an unfinished task since the 2005 settlement, which was completed today," the Finance Minister said.

Expressing regret over the inconvenience caused to customers during the week-long strike, Chidambaram said, "Customers have been put to some inconvenience. They should understand the circumstances... I have no doubt all this will be removed beginning tomorrow." All India SBI Officers' Federation General Secretary Shanta Raju said it was an "absolutely negotiated settlement for the mutual benefit of all. All pending work will be cleared at the earliest."

By the end of this month, if will be clear if the US Senate Immigration Reform Bill introduced to decide whether H-1B visa limit should be increased from 65,000 to 115,000 has been defeated or allowed to sail through successfully.

Everyone says an increase in the H-1B visa limit will help Indians the most. Will it, really? But more on that in just a moment.

The current limit of 65,000 excludes 20,000 H-1B visas issued to advanced-degree holders.

If the limit is not increased, those lobbying for it will keep up their campaign. Many Americans, including President George W Bush and Microsoft chief Bill Gates, believe that for the United States to maintain its technological superiority it is necessary to allow more and more brilliant and highly educated foreigners to go to the US and possibly even settle down there.

From April 1, applications for H-1B visas for the 2007 federal fiscal year, which begins on October 1, can be submitted to the US Bureau of Citizenship and Immigration Services.

Many in the US are supporting the idea that America must make it easier -- and quicker -- for foreign workers to gain permanent residency in the US.

Other provisions in the Bill include a new F-4 visa category for students pursuing advanced degrees in science, technology, engineering or mathematics. These students would be granted permanent residence if they find a job in their field and pay a $1,000 fee toward scholarships and training of US workers.

Let me now come back to the question on whether an increase in the number of H-1B visas helps Indians. The obvious answer to this would be a resounding 'Yes!' But look at it thoda differently: Will this also not mean India losing so many more brilliant minds to the US, with chances of many of these returning to their motherland almost nonexistent?

We have heard a lot of talk on how 'brain drain' has robbed India of some of the finest brains in the world -- and thus, possibly, of innovations, progress, faster growth.

Nowadays, we take pride in affirming that a 'resurgent India' is experiencing 'reverse brain drain' as a lot of Non-Resident Indians are now coming back with the nation offering great growth opportunities.

Well, how could then an increase in a limit that allows more of India's finest minds to go and settle abroad help the country?

Sounds parochial and inward-looking? Well, just think about it. But then, this is only my view and it's not important: I have been known to be wrong earlier.

What is important is YOUR view. Do you think it is good for India?