5 Day Banking and Salary Hike for Bank Employees expected in June

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Bank employees in India may soon have a reason to rejoice as the government is likely to accept their long-standing demand for a 5-day workweek. According to media reports, the bank employees are expected to receive 5 working days in a week, subject to approval by the finance ministry. Additionally, a salary hike is also anticipated in June 2024. If the government accepts the demand of bankers, then it is expected that 5 day banking and salary hike may be introduced in June 2024. It is to be noted that bank unions have said that they will not sign the salary hike agreement without declaration of 5 day banking. This is based on the sources and news published in reputed news websites as mentioned below. There is no official communication from any bank union or IBA yet. Join our whatsapp group to get updates on 5 day banking

Demand by Bank Unions

The United Forum of Bank Unions, a coalition of bank employee unions, has written a letter to Finance Minister Nirmala Sitharaman requesting the implementation of a 5-day workweek for the banking sector. They have assured that the proposed change will not result in reduced banking hours for customers or a decrease in the total working hours for employees and officers.

The unions have urged the finance minister to review the matter favorably and direct the Indian Banks’ Association (IBA) accordingly. Currently, bank branches are closed on the second and fourth Saturdays as per the 10th Bipartite Settlement signed in 2015, which declared these days as holidays.

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Regarding salaries, the IBA and bank employee unions reached an agreement last year for a 17% salary hike across all public sector banks (PSBs) in India, totaling ₹12,449 crore. This salary increase, if approved by the Centre, will benefit approximately 9 lakh employees, including 3.8 lakh officers, across all PSBs and select old-generation private banks.

The Memorandum of Understanding (MoU) between the IBA and bank employee unions, which was reached after negotiations held on December 7, 2023, includes a commitment to finalize the wage revision within 180 days.

Overall, bank employees are hopeful that their demand for a 5-day workweek will be met, along with the anticipated salary hike. These developments will have a positive impact on the work-life balance of bank employees and contribute to their overall well-being.

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Comments

16 COMMENTS

  1. We working people can’t do transaction if bank is working for only 5 days
    ATMs will not work for 2 continues holidays , cash will not be uploaded.
    Moreover if we want to make deposits , renew deposits or operate lockers .
    Now itself banks don’t work 2 & 4 Saturdays .

    • ATM can and do sustain for 2 days.Cash uploading is now outsourced by most of the banks.Making and closing FDs is now done online.Upgrade yourself. Gojng by this logic, banks will have to be opened on sundays also

    • You yourself are working for 5 days in a week and want to do the transactions on Saturday only.By the way you will still have full 5 days in a week to do your bank work.Going by your logic we also have to do our pending work for which we need the Saturday off.

    • ATM’s will be replenished accordingly. Need not worry about that. Planning your requirements well in advance will remove all the hustle for locker requirements.

  2. The leaders of the Unions are they who have never worked diligently in Bank . The wearer of the shoe will know where the shoe pinches . Moreover, the union leaders owes allegiance to a political party who have given Importance to their political masters. Moreover, if updation of pension is clicked it will be after 28-30 yrs.
    Please don’t be elated.

  3. welcome news.. overall most of the transaction are digital .. other channels are atm , upi and many more through which customers can do their work

  4. Even if all bank staff are sacked, customers can go on. The staff are lazy inefficient demotivated and unhelpful anyway

  5. banks are closed on all banks holidays and sundays now if they get to work 5 days a week, count actual number of days they will work. Working hours must be increased else when will the common man get to go to the bank to do their work. Do they deserve a 17% raise in salary?

    • Answer: finally someone raised their voice…thankyou. Now coming to the questions, i am very pleased to answer .. yes if banks will be closed on all holidays and saturdays and sundays how will the common man visit the bank… please govt make us work on all saturdays and sundays and holidays and provide us holiday on all the remaining workdays (as common man wont be able to visit to the branch on those days) , nah we don’t deserve a 17% raise, we deserve atleast 50% for the work pressure we go through. Thankyou for shining a light upon this. This needs to be highlighted .

    • Answer: finally someone raised their voice…thankyou. Now coming to the questions, i am very pleased to answer .. yes if banks will be closed on all holidays and saturdays and sundays how will the common man visit the bank… please govt make us work on all saturdays and sundays and holidays and provide us holiday on all the remaining workdays (as common man wont be able to visit to the branch on those days) , nah we don’t deserve a 17% raise, we deserve atleast 50% for the work pressure we go through. Thankyou for shining a light upon this. This needs to be highlighted.

    • 17% in 5 years it’s not yearly. How much appraisal you get yearly? Educate yourself relating to working hours because 45mins have been added to existing working hours which is definitely more than industry standards.

  6. Banks officials deserve increase and five day working but what about pensioners who are suffering at the hands of these so called unions.

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