Bank employees to get 5-day work week? May happen as soon as…
The government may approve five-day working week for banks before the the model code of conduct (MCC) kicks in ahead of Lok Sabha elections, Financial Express reported. As public-sector bank employees are set to get a 17% rise in salaries after Indian Banks’ Association (IBA) and bank unions signed a memorandum of understanding (MoU) in December last year, unions had 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. IBA and employee unions approved the proposal in November after which the former sent it to the finance ministry for consideration, it was reported.
As per the report, an official said that the government supported this proposal but “was waiting for an opportune time for announcement of the five-day week and probably that time has now arrived.
At present, public sector and private sector banks work on the first and third Saturdays of the month but 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 after which all scheduled and non-scheduled banks observe public holidays on second and fourth Saturdays.
At present, there are 1.54 million employees in the banking- public and private sectors, including payment banks and small finance banks. About 95,000 employees are in Regional Rural Banks.
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