The Finance Ministry reviews a proposal from the Indian Banks Association (IBA) to implement a 5-day work week, providing bank employees with 8 leaves per month, raising questions about potential changes in banking operations.
Potential Shift in Banking Hours: Saturdays and Sundays Off?
The proposal suggests closing banks on Saturdays and Sundays, altering the current schedule of every second and fourth Saturday as holidays.
This move may impact both employee working hours and customer access to banking services, pending approval from the Finance Ministry.
Salary Hike on the Horizon for Bank Employees
Amidst discussions of a new working schedule, bank unions and the IBA reach an agreement on a significant 17 percent salary hike for employees.
This development follows increased profitability in the banking sector, raising expectations for improved compensation and working conditions.
Anticipated Announcement in the New Year
With the Finance Ministry examining the proposal, there is speculation that an official announcement regarding the shift to a 5-day work week and the salary hike agreement could be made in the new year.
This move is seen as a crucial step ahead of the upcoming general elections, considering the influence of the bank employee voter base.
Bank Employees’ Wage Revision in 2023
Bank employees may witness a substantial increase in their salaries as the Indian Banks Association and unions finalize a consensus on a five-year salary revision plan.
The proposed 17 percent annual increase, effective from November 1, 2022, is expected to positively impact the financial well-being of bank workers in the coming year.
