The most demanded job benefit of Bank Union is five days working a week, which now may get fulfilled by the end of this week. This may happen because the issue will be raised in the Friday meeting between the Indian Banking Association (IBA) and the United Forum of Bank Unions (UFBU).
Bank Employees May Enjoy Five Days Working in a Week
If approved, the proposal aims to introduce a 5-day work week for employees, which will include discussions on matters such as salary increments and the provision of group medical insurance policies for retirees. As a result, employees will be entitled to enjoy two weekly offs.
Currently, the issue of implementing the 5-day work week is actively being considered by stakeholders, as reported by CNBC in a notification dated July 19, as part of the UFBU (United Forum of Bank Unions) discussions.
“IBA informed that the issue is under active consideration of various stakeholders, and the same is being pursued. We asked the IBA to expedite the same so that five banking days per week is introduced without further delay,” said the notification.
As reported by CNBC, the finance ministry has responded to an IBA (Indian Banks’ Association) proposal and expressed its non-objection to the demand of bank employees. The demand is related to the implementation of a new policy wherein banks will operate for an additional 40 minutes beyond their regular closing time on each working day.
This proposal signifies a potential development in the working conditions of bank employees, offering them extended operational hours and contributing to improved customer service.
The idea of a 5-day work week was initially sparked by the implementation of this policy in the Life Insurance Corporation (LIC) of India back in May 2021.
Currently, the existing holiday system for bank employees includes weekends off on Sundays, and they also get the second and fourth Saturdays off. Additionally, they are granted holidays on festive occasions, and the holiday list is prepared by the Reserve Bank of India (RBI). It is worth noting that despite holidays, online banking services continue to remain operational to ensure uninterrupted customer access.