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This year can end with double happiness for the employees of public sector banks i.e. government banks. Their salaries may not only increase by 15% to 20% but they may also be rewarded with working five days a week by mid-December. Wage revision and change in working days will also apply to regional rural banks. The 12th Bilateral Negotiations between Bank Unions and Indian Banks Association has now entered the final stage.
“This is the first time in the history of negotiations that a salary hike proposal is being floated. It will probably be between 15% to 20%,” sources told Financial Express. He said the five-day working week would be announced either by the Center or the IBA along with the wage hike notification or soon after.
Banks will start work early and close 30-45 minutes late.
“Working hours on weekdays will start earlier and end 30-45 minutes later than the existing working hours,” sources said. He said the closure of these branches would also save fuel used for travel and electricity. This inconvenience to consumers far outweighs the savings and other factors.
Employees also need more time with family. Bank branches will be closed on weekends during the five-day working week. Employees may be asked to work additional hours during the week to make up for the loss of working hours.
Bank Holiday List December 2023: Banks will be closed for 18 days in December due to strikes and holidays.
What will be the impact on bank customers: On weekends, customers can withdraw or transfer cash through ATMs when bank branches are closed. Sources said the only challenge of the five-day work week is depositing the cheques. Check collection will be affected for these two days. Sources said insurance companies, state governments and central government employees have a five-day working week, but extending this facility to bankers is a step in the right direction.