5 Day Banking: The model of working 5 days a week can be implemented from this year i.e. 2024 itself. Along with this, salary may also increase.
The Central Government may accept the long standing demand of bank employees to work 5 days a week this year. According to media reports, after the approval of the Finance Ministry, the 5-day working model will be implemented in banks. Meanwhile, the salary of bank employees is also expected to increase in June 2024.
According to a report in the Economic Times, the United Forum of Bank Unions, an alliance of bank employee unions, has written a letter to Finance Minister Nirmala Sitharaman to allow a 5-day working week for the banking sector. The Bank Employees Union also assured that there will be no cut in banking hours for customers or in the total working hours of employees and officers. The union has requested the Finance Minister to review the matter and give instructions to the Indian Banks Association (IBA) accordingly.
Demand for leave on all Saturdays and Sundays
At present bank branches remain closed on second and fourth Saturdays. Bank unions have been demanding leaves on all Saturdays and Sundays since 2015. Under the 10th bilateral agreement signed in 2015, RBI and Government agreed with IBA and declared second and fourth Saturdays as leaves.
9 lakh employees may benefit
In terms of salary, IBA and bank employee unions had last year reached an agreement for 17 percent salary hike in all the public sector banks (PSBs) of India, the total amount of which was Rs 12,449 crore. If the salary hike is approved by the Centre, then about 9 lakh employees including 3.8 lakh officers in all PSBs and select old generation private banks will benefit from it.
According to a report in Times of India, after talks held on December 7, 2023, IBA and bank employee unions had signed an MoU, in which it was said that the salaries would be revised within 180 days.
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