Bank Holiday : The government has already declared the second and fourth Saturdays of every month as bank holidays. To inform you, this rule was implemented back in 2015. Now, similar to LIC, bank unions are demanding a 5-day working week in the banking sector as well.
Bank Holiday : 5-Day Banking System Gets Approval
According to a report by Business Today, bank unions have been appealing for the implementation of a 5-day working week for a long time. The All India Bank Officers’ Confederation (AIBOC) stated that once the government issues the official notification, they will agree to declare all Saturdays as holidays. It was also mentioned that the revised working hours will come into effect after the government’s notification is released.
IBA CEO Shares Key Information
Indian Banks’ Association (IBA) CEO Sunil Mehta shared important updates related to this matter on social media platform X (formerly Twitter). In a post made on Friday, he said,
“Today marks a significant milestone for the banking industry as IBA, UFBU, AIBASM, and BKSM have signed a new joint note and the 12th bipartite settlement for wage revision of bank officers and employees.”
Impact on Bank Customers
Earlier, banks had 6 holidays per month, but if the 5-day work week system is implemented, banks will now get 8 holidays per month. This could cause some inconvenience to customers. However, online banking services, ATMs, and digital money transfers will continue to operate smoothly without any disruption.
If the 5-day working week system is introduced, bank employees may have to work 40 minutes extra every day. The proposed working hours will be from 9:45 AM to 5:30 PM.
Salary Hike for Employees
Along with the introduction of the 5-day work system, the Indian Banks’ Association (IBA) and bank employees’ unions have agreed on a 17% annual salary hike. This will significantly increase the basic pay of bank employees.
It is estimated that this salary revision will put an additional ₹8,284 crore annual burden on public sector banks, but it will benefit around 8 lakh bank employees. According to the IBA, this salary hike will be effective from November 1, 2022.
