{"id":1279848,"date":"2024-03-11T08:50:12","date_gmt":"2024-03-11T03:20:12","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1279848"},"modified":"2024-03-11T08:52:47","modified_gmt":"2024-03-11T03:22:47","slug":"saturday-permanent-weekly-off-for-all-banks-17-salary-hike-for-employees-approved","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/saturday-permanent-weekly-off-for-all-banks-17-salary-hike-for-employees-approved\/","title":{"rendered":"Saturday Permanent Weekly Off For All Banks; 17% Salary Hike For Employees Approved"},"content":{"rendered":"\n<p>Bank employees across India may soon transition to a <a href=\"https:\/\/economictimes.indiatimes.com\/wealth\/save\/no-banking-on-saturdays-5-day-work-week-for-banks-approved-by-iba-from-when-is-it-applicable\/articleshow\/108346049.cms?from=mdr\">five-day work week<\/a>, marking a significant shift from the current practice of working on alternate Saturdays. The move, awaiting government notification, would entail banks being closed on Saturdays and Sundays, providing employees with a two-day weekend.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/03\/Untitled-design-2-2-1280x720-1024x576-1-1-1280x720-1-1024x576.jpeg\" alt=\"Saturday Permanent Weekly Off For All Banks; 17% Salary Hike For Employees Approved\" class=\"wp-image-1279859\" srcset=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/03\/Untitled-design-2-2-1280x720-1024x576-1-1-1280x720-1-1024x576.jpeg 1024w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/03\/Untitled-design-2-2-1280x720-1024x576-1-1-1280x720-1-300x169.jpeg 300w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/03\/Untitled-design-2-2-1280x720-1024x576-1-1-1280x720-1-768x432.jpeg 768w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/03\/Untitled-design-2-2-1280x720-1024x576-1-1-1280x720-1.jpeg 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\">Joint Note Agreement and Salary Hike<\/h4>\n\n\n\n<p>The All India Bank Officers&#8217; Confederation and the Indian Banks Association recently finalized discussions, culminating in the signing of the 9th Joint Note on March 8, 2024. According to the agreement, all Saturdays will be recognized as holidays once the government issues the necessary notification. Additionally, a substantial 17 percent annual salary raise has been agreed upon, with an estimated yearly outlay of approximately Rs 8,284 crore for public sector banks. This increase is set to benefit up to 8 lakh bank workers, effective from November 2022.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Implications and Timing of Implementation<\/h3>\n\n\n\n<p>The implementation of the five-day work week and revised working hours hinges on government approval. Once approved, all Saturdays will be designated as holidays under Section 25 of the Negotiable Instruments Act. While the exact timing adjustments are yet to be clarified, reports suggest that employees may work an additional 40 minutes per day, with working hours potentially extending from 9:45 a.m. to 5:30 p.m.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Impact on Banking Operations and Customers<\/h4>\n\n\n\n<p>The transition to a five-day banking week may pose challenges for customers accustomed to conducting banking transactions on Saturdays. However, with the proliferation of digital banking services such as mobile banking, ATMs, and internet banking, customers have increasingly relied on alternative channels for their banking needs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Salary Revision Details<\/h3>\n\n\n\n<p>According to the All India Bank Officers&#8217; Confederation, the total quantum of wage revision increase amounts to over Rs. 8284 crores, constituting 17% of the cost of the Payslip component of establishment expenses for Public Sector Banks. With an additional load of 3.22%, the effective load on basic pay post-merger of dearness allowance stands at 4.20%. The revised pay scales range from Rs. 48,480 to Rs. 173,860, covering all scales from Scale I to VII, effective from November 1, 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bank employees across India may soon transition to a five-day work week, marking a significant shift from the current practice of working on alternate Saturdays. The move, awaiting government notification, would entail banks being closed on Saturdays and Sundays, providing employees with a two-day weekend. Joint Note Agreement and Salary Hike The All India Bank [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":1279859,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[4869,2241],"class_list":["post-1279848","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-5-days-week","tag-banks"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Saturday Permanent Weekly Off For All Banks; 17% Salary Hike For Employees Approved - Trak.in - Indian Business of Tech, Mobile &amp; Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/saturday-permanent-weekly-off-for-all-banks-17-salary-hike-for-employees-approved\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saturday Permanent Weekly Off For All Banks; 17% Salary Hike For Employees Approved - Trak.in - Indian Business of Tech, Mobile &amp; Startups\" \/>\n<meta property=\"og:description\" content=\"Bank employees across India may soon transition to a five-day work week, marking a significant shift from the current practice of working on alternate Saturdays. The move, awaiting government notification, would entail banks being closed on Saturdays and Sundays, providing employees with a two-day weekend. Joint Note Agreement and Salary Hike The All India Bank [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/trak.in\/stories\/saturday-permanent-weekly-off-for-all-banks-17-salary-hike-for-employees-approved\/\" \/>\n<meta property=\"og:site_name\" content=\"Trak.in - Indian Business of Tech, Mobile &amp; Startups\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-11T03:20:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-11T03:22:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/03\/Untitled-design-2-2-1280x720-1024x576-1-1-1280x720-1.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mohul Ghosh\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mohul Ghosh\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/trak.in\/stories\/saturday-permanent-weekly-off-for-all-banks-17-salary-hike-for-employees-approved\/\",\"url\":\"https:\/\/trak.in\/stories\/saturday-permanent-weekly-off-for-all-banks-17-salary-hike-for-employees-approved\/\",\"name\":\"Saturday Permanent Weekly Off For All Banks; 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