Currently, financial institution branches are closed on second and fourth Saturdays. (Representative picture)
United Forum of Bank Unions, a coalition of financial institution worker unions, has written a letter to Finance Minister Nirmala Sitharaman to permit a 5-day workweek for the banking sector
The lengthy-standing demand of financial institution staff to have 5-day workweek is prone to be accepted by the federal government this 12 months. According to media experiences, the financial institution staff are prone to get 5 working days in per week, topic to the finance ministry approval, and a wage hike in June 2024.
According to an ET report, the United Forum of Bank Unions, a coalition of financial institution worker unions, has written a letter to Finance Minister Nirmala Sitharaman to permit a 5-day workweek for the banking sector.
The financial institution worker union additionally assured that there might be no discount in banking hours for patrons or within the whole working hours for workers and officers.
The ET report mentioned the union has urged the finance minister to overview the matter favourably and direct the Indian Banks’ Association (IBA) accordingly.
Currently, financial institution branches are closed on second and fourth Saturdays. Banks unions have been demanding since 2015 offs on all Saturdays and Sundays. Under the tenth Bipartite Settlement signed in 2015, RBI and the federal government agreed with the IBA and declared second and fourth Saturdays as holidays.
On wage, the IBA and financial institution worker unions final 12 months reached an settlement for a 17 per cent wage hike throughout all public sector banks (PSBs) in India, amounting to Rs 12,449 crore.
The wage hike, if authorized by the Centre, will profit about 9 lakh staff, together with 3.8 lakh officers, throughout all PSBs and choose outdated-era non-public banks.
The MoU reached by IBA and financial institution worker unions after negotiations held on December 7, 2023, included a dedication to finalise the wage revision inside 180 days, in accordance with a TOI report.
