Indian bank employees, both from public and private sectors, may soon enjoy a 5-day work week, as reported by Financial Express. This move comes as part of a broader agreement between the Indian Banks’ Association (IBA) and bank unions, which saw a 17 per cent salary hike for employees in December 2023.
One of the key demands of the unions during negotiations was a five-day work week, mirroring the current schedule of government offices, the Reserve Bank of India, and the Life Insurance Corporation of India. Following approval by IBA and unions in November, the proposal was sent to the Finance Ministry for consideration.
According to reports, the government, while supportive of the idea, was waiting for the ‘opportune time’ to announce the change. The current context appears to be that opportune time, with the model code of conduct for upcoming Lok Sabha elections looming.
Currently, public and private sector banks operate on a six-day schedule, with the first and third Saturdays designated as working days. If the proposal is approved, all Saturdays will be considered official holidays under Section 25 of the Negotiable Instruments Act.
This change will affect roughly 1.54 million employees across various categories, including public and private sector banks, payment banks, and small finance banks. Additionally, it will impact approximately 95,000 employees working in Regional Rural Banks.
The potential implementation of a 5-day work week marks a significant shift for the banking sector and represents a successful negotiation between unions and the government. This move not only improves work-life balance for employees but could also potentially enhance efficiency and productivity within the banking system.
8 Comments
i think this is the worst idea din’t implement this plan. People face a lot of trouble a very big impact for the business those who depends . 2nd and 4rh saturday is enough .
Banking Jobs are like being in Pressure Cookers daily. One day in a Bank will be enough to understand the pressures of a Banker. We work that day, die and rise up like a Phoenix, by His grace. Everyone feels a Bankers job is a cushy one. Every promotion cuts five years of our life, as the adage goes within Banking Circles. Let Bankers work without any Damocles Sword on their head. When every Tom Dick and Harry have their five day week, why not Bankers. They work with a lot of mental pressures. Now with ATM’s and digitalisation, we can go in for a five day week. Recruitment also has to go hand in hand. Finally the Bankers are getting their five day week after a long wait…..Three Cheers…..
This is a positive move but bank employees must do their duties efficiently and sincerely. Imandari aur bishwas bahut jaroori hai.
Long awaited demand is going to fullfill.letus hope that it will be implemented before elections.Thanks for publishing this
Even Though we are welcoming the 5 days work in Banks in the long pending and demanding issue of updation of pension to retirees is not solved so far..we hope the Govt.look into this matter also…..
Excellent it’s good move it can enhance employees efficiency.
Undoubtedly, five day week provide to make work life balance, especially for female employees who may perform social obligations and it is the happiest effect which is behind the curtain that irritation will come to an end among couple and children and decrease the hypertension due to less load of social and official tasks.
It will be bad for customers who have time to attend to branch visits on Saturdays only