5DaysBanking Latest Update: In the year 2015, the government had declared the second and fourth Saturday as bank holiday in banks. Bank unions are asking to implement 5Day’s Working in banks like LIC.
The issue of 5 days bank work and two days leave has been raised for a long time and now a big update has come in this matter. According to All India Bank Officers Confederation regarding 5DaysBanking, the proposal of Bank Holiday on all Saturdays has been agreed upon. However, the final decision has to be taken by the government. Not only five days of work in banks, but also a consensus has been reached on 17% increase in the salary of bank employees.
Clear the way for 5 Days Banking
According to the report published on Business Today, for a long time, bank unions had appealed to implement 5Days Bank Working in 180 days in December 2023 last year. The All India Bank Officers Confederation said in a joint note it has been agreed to recognize all Saturdays as holidays until the government notification is issued. It said that the revised working hours will come into effect after the notification of the government.
IBA CEO shared 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, because IBA and UFBU, AIBOA, AIBASM and BKSM have issued the 9th Joint Note and 12th Joint Note regarding wage revision for bank officers and employees. Bilateral agreement has been signed.
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 of banking, the Indian Banks Association and bank employees unions have agreed on an annual salary increase of 17 percent. Along with this, there will be a bumper increase in basic salary. This will impose an additional annual burden of approximately 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 IBA, this salary increase will be effective from November 1, 2022.
What is special in the new agreement?
The bank officers’ organization said that the new pay scale has been determined by including Dearness Allowance (DA) of 8088 marks and additional weightage 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 up to 255 days in case of death of an employee at the time of retirement/during service. It has been said in the report that the government can also take a big decision on this.
This change happened in 2015
It is noteworthy that in the year 2015, the government had declared the second and fourth Saturday as bank holiday in banks. Bank unions are asking to implement 5Day’s Working in banks like LIC. After getting the gift of two days weekly off for bank employees, 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 means their working time can be from 9:45 am to 5:30 pm.
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