5-Day Work Week For All Bank Employees Can Become A Reality Soon! Salary Hike Expected By This Date


Mohul Ghosh

Mohul Ghosh

Mar 02, 2024


Bank Staff Seek 5-Day Week Approval from Finance Ministry

The United Forum of Bank Unions (UFBU), an umbrella body of bank staff associations, has urged Finance Minister Nirmala Sitharaman to permit all commercial banks to transition towards a 5-day working week from the current regimen requiring work on a few Saturdays too.

5-Day Working Week For All Bank Employees Can Become A Reality Soon! Salary Hike Expected By This Date

In a letter to the minister, UFBU also affirmed implementing the 5-day schedule need not necessitate any decrease in customer operating hours or employee workdays. The forum requested her intervention for the Indian Banks Association’s (IBA) concurrence.

Customer Service Hours to Remain Same

UFBU clarified that despite migrating to 10 working weeks annually against earlier 47-48 weeks requiring Saturday operations, overall productive work hours will be realigned with customer contact periods remaining constant during weekdays plus previously operational Saturdays now becoming rest days.

This fulfills bank staff’s long-standing demand for extended weekend personal time in line with comparable industries. IBA and the finance ministry have remained reluctant to endorse the move so far citing potential impact on banking activities.

Assures five-day switch won’t cut service or work hours

Additionally, 9 lakh public sector bank (PSB) employees await the Centre’s approval on a 17% wage hike agreed between IBA and unions in 2023 as part of 10th Bipartite Settlement. If cleared, it will release nearly Rs 12,500 crore in arrears.


Mohul Ghosh
Mohul Ghosh
  • 841 Posts

Subscribe Now!

Get latest news and views related to startups, tech and business

You Might Also Like

Business
Dec. 8, 2022

Beat The Burden Of Medical Inflation With A Health Insurance

As disease rates rise and medical technology develops, treatment costs climb. It’s essential to understand that medical costs are not exclusively associated with hospitals. The cost of prescription drugs, diagnostic procedures, ambulance and operating room fees, consultations with doctors, and other costs are also constantly increasing. All of them could put a big strain on […]

Business
Dec. 8, 2022

3 Biggest Changes Of iOS 16.2 Update That Every iPhone User Should Know!

In its latest update Apple said that it is preparing for the iOS 16.2 update for iPhones across the world. Notably, like the previous release, there are a couple of changes coming for the iPhones.  iOS 16.2 Update Release Date So far, Apple has not announced a release date for iOS 16.2 update. Reportedly, the […]

Business
Dec. 8, 2022

300 Microsoft Employees Create Employee Union, First Time Ever: This Is How Microsoft Reacted

Around 300 workers at Microsoft Corp.’s ZeniMax Studios have commenced the process of forming a union which is said to be the first at the software giant in the US.  Here, Microsoft Corp.’s ZeniMax Studios known for popular video games including Skyrim and Fallout. Forming Union In Microsoft Corp Moreover, the quality assurance employees at […]

Business
Dec. 7, 2022

India Beats China In Air Travel Safety: Ranking Jumps From 102 To 48 In Global Aviation Safety

India’s air safety protocols and executions have improved drastically over the years, as validated by the findings of a specialized agency of the United Nations, the International Civil Aviation Organization or ICAO. The UN watchdog has upgraded India’s ranking in terms of aviation safety to the 48th position, jumping past the rankings of countries like […]

Recent Posts

Related Videos

   

Subscribe Now!

Get latest news and views related to startups, tech and business

who's online