The 12th Bipartite Settlement for Bank Employees was signed on 8th March 2024. In this new settlement, a new scheme called ‘Leave Bank’ scheme has been introduced for bank employees. Let’s understand what is this Leave Bank Scheme.
Leave Bank Scheme
In order to address situations where employees face severe illnesses such as cancer, cerebral stroke, paralysis, major organ transplantation, end stage liver disease, kidney failure, or major accidents resulting in prolonged hospitalization, treatment, and recovery, it has been agreed upon to establish a staff welfare scheme. This scheme aims to support employees who have exhausted all their available leave and are compelled to request extraordinary leave without pay.
Under this proposed scheme, employees will have the option to voluntarily convert their Privilege Leave into cash. The monetary value of these encashed leaves will then be pooled into a Leave Bank system, which will be implemented in each bank. This Leave Bank system will serve as a collective resource from which special leave can be granted to employees facing the aforementioned contingencies.
To ensure the successful implementation of this scheme, the Indian Banks’ Association (IBA) will engage in discussions and formulation of a proper scheme within a timeframe of 90 days. This will allow the banks to effectively support their employees during times of medical need and provide them with the necessary financial assistance.
