If the pay hike is approved by the Centre, around 9 lakh employees, including 3.8 lakh officers, across all PSBs and select old generation private banks will benefit.
The government can give a big good news to the employees. If media reports are to be believed, the government can approve the long standing demand of bank employees to work 5 days a week this year.
According to reports, after the approval of the Finance Ministry, bank employees will get 5 working days a week and there is a possibility of salary increase in June 2024.
According to an ET report, the United Forum of Bank Unions, an alliance of bank employee unions, has written to Finance Minister Nirmala Sitharaman to allow a 5-day work week for the banking sector. The Bank Employees Union also assured that there will be no cut in banking hours for customers or in the total working hours of employees and officers.
Know what is the demand
The union has urged the Finance Minister to review the matter favorably and direct the Indian Banks Association (IBA) accordingly, the ET report said. At present bank branches remain closed on second and fourth Saturdays.
Bank unions have been demanding holidays on all Saturdays and Sundays since 2015. Under the 10th bilateral agreement signed in 2015, the RBI and the government agreed with the IBA and declared the second and fourth Saturdays as holidays.
Salary will also increase
In terms of salaries, the IBA and bank employee unions had last year reached an agreement for a 17 per cent salary hike across all public sector banks (PSBs) in India, amounting to Rs 12,449 crore.
If the salary hike is approved by the Centre, If implemented, around 9 lakh employees including 3.8 lakh officers in all PSBs and select old generation private banks will benefit.
According to a TOI report, the MoU signed by the IBA and bank employee unions following talks on December 7, 2023, included a commitment to finalize the wage revision within 180 days.
