5DaysBanking Latest Update: In the year 2015, the government had declared second and fourth Saturdays as bank holidays. Bank unions are asking to implement 5-day working in banks like LIC.
Way cleared on 5 Days Banking
According to the report published on Business Today, for a long time, bank unions had appealed to implement 5 Days Bank Working in 180 days by bank unions in December 2023 last year. The All India Bank Officers Confederation said that in a joint note, it has been agreed to recognize all Saturdays as holidays till the government notification is issued. It states that the revised working hours will be effective after the government notification.
IBA CEO shared the information
Indian Bank Association CEO (IBA CEO) Sunil Mehta has shared information in this regard through a post on social media platform X. In this post made on Friday, he wrote, ‘Today is an important milestone for the banking industry, as IBA and UFBU, AIBOA, AIBASM and BKSM have signed the 9th joint note and 12th bilateral agreement regarding salary revision for bank officers and employees.
Today marks a significant milestone for the #bankingindustry as IBA and #UFBU #AIBOA #AIBASM and #BKSM have signed the 9th Joint Note and 12th #Bipartite Settlement regarding #Wage Revision for Bank Officers and Employees, which will take effect on Nov. 1, 2022. @PIB_India #dfs pic.twitter.com/QDC4TC8CIY
— IBA_Chief_Executive (@ChiefIba) March 8, 2024
There will be a bumper increase in salary
Along with five days banking, the Indian Banks Association and bank employee unions have agreed on an annual salary hike of 17 per cent. Along with this, there will be a bumper increase in the basic salary. This will put an additional annual burden of about Rs 8,284 crore on public sector banks. At the same time, about 8 lakh bank employees will benefit from the salary hike. According to the IBA, this salary hike will be effective from November 1, 2022.
What is special in the new agreement?
The bank officers’ association said that the new pay scale has been determined by combining dearness allowance (DA) of 8088 points and additional burden on it. Under the new agreement, all women employees will be allowed to take one day’s sick leave per month without giving a medical certificate. Along with this, it can be encashed for up to 255 days on the death of an employee at the time of retirement / during service. The report said that the government can also take a big decision on this.
This change happened in 2015
It is worth noting that in the year 2015, the government had declared second and fourth Saturdays as bank holidays. Bank unions are asking to implement 5-day working in banks like LIC. After bank employees get the gift of two days weekly off, their working hours can be increased. If 5-day working system is implemented in banks, then employees may have to work 40 minutes extra every day. That is, their working time can be from 9:45 am to 5:30 pm.
