look news india
The issue of 5 days bank work and two days holiday has been arising for a long time and now a big update has come in this matter. According to All India Bank Officers Confederation regarding 5DaysBanking, the proposal of bank holiday on all Saturdays has been agreed upon. However, the final decision has to be taken by the government. Not only five days work in banks but also 17 percent increase in the salary of bank employees has been agreed upon.
Clear the way for 5 days banking
According to the report published on Business Today, for a long time bank unions had appealed to implement 5 days bank working in 180 days in December 2023. The All India Bank Officers Confederation said in a joint note that it has been agreed to recognize all Saturdays as holidays until the government notification is issued. It said that the revised working hours will come into effect after the notification of the government.
IBA CEO shared information
In this regard, Indian Banks Association CEO (IBA CEO) Sunil Mehta said on social media platforms, AIBOA, AIBASM and BKSM have issued the 9th joint note and 12th joint note regarding pay revision for bank officers and employees. Bilateral agreement was signed.
There will be a bumper increase in salary
The Indian Banks' Association and the Bank Employees' Union have agreed on an annual wage increase of 17 percent along with five days of banking. Besides, there will be a bumper increase in basic salary also. This will impose an additional annual burden of approximately Rs 8,284 crore on public sector banks. At the same time, about 8 lakh bank employees will benefit from the salary increase. According to IBA, this salary increase will be effective from November 1, 2022.
What is special in the new agreement?
The bank officers' organization said that the new pay scale has been determined by adding Dearness Allowance (DA) of 8088 marks and additional weightage on it. Under the new agreement, all women employees will be allowed to take one day's sick leave per month without providing a medical certificate. Along with this, it can be encashed up to 255 days in case of death of an employee at the time of retirement/during service. It has been said in the report that the government can also take a big decision on this.
This change happened in 2015
It is noteworthy that in the year 2015, the government had declared holiday on second and fourth Saturday in banks. Bank unions are asking to implement 5 day working in banks like LIC. After getting the gift of two days weekly leave for bank employees, their working hours may increase. If the 5-day working system is implemented in banks, then employees may have to work 40 minutes extra every day. That means their working time can be from 9:45 am to 5:30 pm.