Bank workers: Exciting news! Get specifics on a 15% pay raise and five days of work each week
Bank workers: Banks are negotiating a 15% pay raise for their staff members. Banks will soon be implementing a five-day workweek. As of right now, banks are closed on the second and fourth Saturdays.
The government and well-known private sector banks are discussing a 15% pay rise for its staff members. Aside from this, banks want to introduce a five-day workweek in the near future. This is what a TOI report stated. The Indian Banks Association (IBA) supported the five-day work week earlier this year; however, the RBI and Finance Ministry have not yet given their assent.
The second and fourth Saturdays of this month are currently holidays.
Currently, the first, third, and fifth Saturdays of each month are bank holidays, while the second and fourth Saturdays are open for business. The Reserve Bank of India (RBI) as well as the government reached a bilateral agreement with the Indian Banks Association (IBA) in 2015, which established the second and fourth Saturdays as holidays. Since 2015, bank unions have been pushing for all Saturdays and Sundays to be declared holidays. It is suggested that the daily working hours at bank branches be extended by 45 minutes, provided that the Reserve Bank and the government provide their assent.
Along with the second demand, bank unions are asking an additional rise.
The Indian Banks Association (IBA) had pushed for a 15% pay raise earlier this week. However, bank unions are requesting an additional hike in addition to the first. A few banks, like Punjab National Bank (PNB), are getting ready to increase employee salaries. According to the report, Punjab National Bank has begun to strengthen its preparations for pay increases. Instead of a 10% rise, public sector banks have allocated funding for a 15% increase. Workers and labor organizations are requesting more pay in light of the recent strong rise in earnings.
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