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Bank 5 Days Working News: Latest IBA Proposal Covers Wage Hike and Increased Working Hours – Here's All You Need to Know
Presently, banks observe a holiday on every second and fourth Saturday of the month. If the proposed 5-day work week for bank employees gains approval, it is anticipated to extend their work hours, potentially leading to an expansion of operational hours for customers.
Updated Dec 9, 2023 , 09:42 AM IST
Bank 5 Days Working News: Latest IBA Proposal Covers Wage Hike and Increased Working Hours – Here's All You Need to Know
Photo : PTI
Minister of State for Finance Bhagwat Karad has reportedly confirmed in Parliament of receiving a proposal from the Indian Banks Association (IBA). According to reports cited by TOI, the Finance Ministry has acknowledged the IBA's proposal for the implementation of a 5-day work week.
Presently, banks observe a holiday on every second and fourth Saturday of the month. If the proposed 5-day work week for bank employees gains approval, it is anticipated to extend their work hours, potentially leading to an expansion of operational hours for customers.
In October, TOI reported discussions among state-owned and well-established private banks regarding a potential 15 per cent salary increase for employees, coupled with plans to transition to a five-day work week.
The Indian Banks' Association has recommended the 15 per cent salary increase, but unions are advocating for a higher raise and other modifications. Some banks, including PNB, have already allocated additional funds for the wage hike. PNB, headquartered in Delhi, has earmarked funds anticipating a 15 per cent increase, surpassing the initially budgeted 10 per cent, as of the September quarter.
Employees and unions contend that banks have experienced substantial profit growth in recent years. They underscore the significant efforts made by employees to guide the lenders back on course, particularly amidst the challenges posed by Covid and the implementation of government schemes. Consequently, they are seeking improved compensation. The finance ministry is reportedly closely monitoring these negotiations.
With the impending general elections, there is an expectation that the wage settlement will be reached before then, given that bank employees constitute a significant voter base. The last wage settlement in 2020 was concluded after three years of negotiations.
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