Bank Employees To Get 5-day Work Week: All Things To Know
Producer: Mehak PalEditor: Aparna Singh
The government may approve a five-day working week for banks before the model code of conduct (MCC) starts ahead of the Lok Sabha elections.
At present, public sector and private sector banks work on the first and third Saturdays of the month.
According to a Financial Express report, public-sector bank employees are set to get a 17% rise in salaries after the Indian Banks’ Association (IBA) and bank unions signed a memorandum of understanding (MoU) in December last year.
Unions had also urged implementation of a five-day work week within 180 days just like government offices, RBI offices and Life Insurance Corporation of India who work five days a week.
In November, IBA and employee unions approved the proposal after which the former sent it to the finance ministry for consideration.
If the changes are approved, all Saturdays will be notified as holidays under Section 25 of the Negotiable Instruments Act.
Earlier, the government had issued a notification in 2015 declaring every second and fourth Saturday of every month as a public holiday under Section 25 of the Negotiable Instruments Act of 1881. With this all scheduled and non-scheduled banks observe public holidays on second and fourth Saturdays.
Currently, there are 1.54 million employees in the banking - public and private sectors, including payment banks and small finance banks.