Let us tell you that bank unions have been demanding 5 working days for a long time. This demand had caught hold since the government implemented the rule of 5 working days in the Life Insurance Corporation of India.

The Finance Ministry has no objection to this demand of the employees. The Indian Banking Association had sent a proposal to the government regarding this demand.

According to the proposal, daily working time for bank employees will be increased by 40 minutes. Notification can be issued with wage board revision. Notification can be issued under section 25 of the Negotiable Instrument Act.

The government wants to settle all the issues before December 1. The government has no objection to working 5 days in a week. Bankers Wage Revision is due from 1st November last year.

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There will be an increase only after talking to the organizations

According to the official, the Finance Ministry has asked the banking association to complete the negotiations on the increase in salary on time. So that the salary of the employees can be increased on time. The banking association also reaches the result of increase in salary on the basis of the consent made after talks with the employees’ organizations of various banks. The official says that for the change in salary, the ministry has emphasized on fairness and equality. The government is trying to ensure that the salary structure remains competitive with the rest of the units in the banking industry.

Trying to implement salary hike on time

PTI quoted officials as saying that the initial pay hike will help improve working conditions and encourage employees in the banking sector. Apart from this, the Finance Ministry has urged the IBA to ensure that all future wage negotiations are completed before the start of the next period, so that wage revision can be implemented from the due date.

Salary hike for Public Sector Bank employees is a complex issue. The IBA has said that it is committed to reaching an agreement with the unions that is fair to both the banks and the employees. The unions have said that they expect the IBA to be able to offer a reasonable wage hike.

Good condition of public sector banks

According to the official, wage settlement for banks has always been a difficult and time-consuming process, with bank managements and employee unions represented by IBA engaged in strenuous negotiations. The government has decided to increase the salary of the employees at a time when the financial condition of public sector banks is good. His net worth has almost tripled to Rs 1.04 lakh crore in FY2023, from Rs 36,270 crore in FY2014.

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Earlier it was reported that the Indian Banks’ Association (IBA) and the United Forum of Bank Employees (UFBEs) have agreed in principle for a 5-day working week. However, for this, banks will have to increase their working hours by 40 minutes daily.

At present, public sector banks have a holiday on every second and fourth Saturday except Sunday. While banks remain open on the first and third Saturday of every month. If there are 5 Saturdays in a month, banks remain open on that day as well.

According to the report, IBA had sent a proposal for 5 days work and 2 days holiday in public sector banks. That is, banks will remain open every Monday to Friday, while every Saturday and Sunday will be a holiday. According to the report, soon the notification with the wage board revision can be issued.

Meanwhile, banks across India will be closed for 11 days in the month of May. There are many holidays in May due to various festivals including Buddha Purnima and Maharana Pratap Jayanti. If you are planning to visit the bank for some work in May, they must check the bank’s holiday calendar to avoid any inconvenience.

Although the bank branches will remain closed during these 11 days, mobile and internet banking services will be available to the customers and they will be able to do online transactions. In addition, customers can also avail services at ATM machines and banking kiosks. Earlier in April, there were about 15 bank holidays due to festivals like Good Friday, Ambedkar Jayanti and Eid-ul-Fitr.

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