Good News, Now Bank Staff Will Get Pay Raise and Five-Day Work Week By June 2024

For bank employees, 2024 can bring some good news as they are expected to receive an increase in salary and a 5-day work week this year. In addition to receiving five working days by June, bank employees may also receive a pay increase if the Finance Ministry gives its approval.

In context with this, Union Finance Minister Nirmala Sitharaman has received a letter from the United Forum of Bank Unions, an organization that represents bank employee unions, suggesting a five-day work week for the banking industry.

What Was The Finance Ministry Proposal?

There would be no reduction in the number of hours customers may bank or in the overall number of working hours that officers and employees work, according to the banks’ suggestion to the finance minister.

The finance minister has been requested by the United Forum of Bank Unions to take a positive perspective of the situation and instruct the Indian Banks’ Association appropriately. The company further emphasized that RBI and LIC have already adopted the five-day workweek.

Currently, several banks adhere to a closing schedule on the second and fourth Saturdays of each month, as agreed upon in a 2015 settlement. It was decided in the 2015 settlement to take the request to designate the remaining Saturdays as holidays into account later on.

Salary Hike For Bank Employees

Later, on December 7, 2023, a memorandum of agreement about the pay revision and improvements to bank employees’ service conditions was also signed by the Indian Banks’ Association and bank unions.

Regarding this, the United Forum of Bank Unions conveyed its appreciation to the government and the finance minister for their well-received demands. It further stated that the ministry recognized the prompt completion of talks, which was made possible by the agreement between bank unions and the IBA.

It should be mentioned that the Memorandum of Understanding (MoU) signed last year between the Indian Banks’ Association and bank employee unions led to a 17% pay raise for staff members in all Indian public sector banks, totalling Rs 12,449 crore.

If the Center grants approval, about nine lakh employees—including 3.8 lakh officers—of PSU banks like SBI and several private sector banks will benefit from a pay increase and, most likely, two extra days off.

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