Fantastic news, bank employees! Banks will be open for business five days a week, with Saturdays off? government states IBA makes a proposal

 Fantastic news, bank employees! Banks will be open for business five days a week, with Saturdays off? government states IBA makes a proposal

Fantastic news, bank employees! Banks will be open for business five days a week, with Saturdays off? government states IBA makes a proposal

Bank Holidays: The government may approve a move to extend bank operating hours to five days in December 2023, coupled with a pay raise for staff of government-owned banks, during the second or third week of December 2023.

Public Sector Bank Holidays: Over the next several days, there will be exciting news for those who work for public sector banks. The decision to declare all Saturdays as holidays in banks may be made by the national government. The country's public sector banks' management organization, the Indian Bank Association, has previously proposed to the government that all Saturdays be observed as bank holidays. In answer to a query posed during the winter session of Parliament in the Rajya Sabha, the administration has provided this information.

proposal for a five-day workweek was received.

Sumitra Balmik, a Rajya Sabha member, questioned the finance minister on if the demand for five days of work in public sector banks has been brought up by bank unions or the IBA and given to the government. Will the government put it into effect as well? Yes, the Indian Banks Association has proposed to the government that all Saturdays be declared holidays in banks, according to a written reply to the House from Minister of State for Finance Bhagwat Karad. The State Minister for Finance did not specify in his response what action the government had taken in this regard. The State Minister for Finance unequivocally said that the decision was made to proclaim the second and fourth Saturdays of each month as bank holidays in accordance with the agreement reached between IBA and bank unions on August 28, 2015.

Saturday holiday gift in addition to pay raise

That being said, there is a possibility that the government would approve the decision to allow workers of government banks to work five days a week in addition to a 15–20% pay boost in the second or third week of December 2023. Following that, all Saturdays in the month will be bank holidays. The last phases of negotiations are underway between bank unions and the IBA about the 12th bilateral settlement for salary hikes. A simultaneous announcement of a Saturday holiday and five days of work in banks may be made in addition to the pay rise.

8.50 lakh workers are awaiting pay increases.

On November 1, 2022, the government bank workers' present wage agreement came to an end. As a result, negotiations to agree on a pay raise are ongoing between the IBA and unions. Over 8.50 lakh bank workers nationwide are anticipating hearing good news about a pay raise. Furthermore, the administration is eager to see a decision on pay increases made before the Lok Sabha elections, no matter the cost.