Good News For Bank Employees: 5-Day Work Week And 17% Salary Hike Expected By June 2024, Check Complete Details!

Good News For Bank Employees: All the employees who are working in banks have good news as they can get a hike in salary and will also get 5 working days in a week.  All the banks have discussed with the finance minister about this proposal and after getting approval on it, all the employees will get good news soon.  so if you are also working in a bank then you can check the discussion between the finance minister and the United Forum of bank unions in India.

Salary Hike and 5 working days proposal for Bank Employees

The Indian Banks Association and United Forum of Banks Union have prepared a Proposal for the Finance Ministry to increase the salary of the employees in banks and reduce the working days from 6 work days a week to 5 working days a week. However, the association and United Forum of Banks Union have also prepared a memorandum in the year 2023 for the same case of a Hike in the salary and 5 working days in a week.

However the proposal has been sent to the Finance Ministry by the association, so once it gets approved by the ministry, all the employees who are working in banks in India may get a relaxation of 5 working days a week. 

5 working days in these Banks 

The United Forum of Banks Unions has also mentioned in the proposal that the Reserve Bank of India- RBI and Life Insurance Corporation- LIC have already facilities of 5 working days. These all authorities are running under the central government and all the employees who are working in RBI and LIC are getting relaxation of two leaves in a week of Saturday and Sunday.

So the union is also demanding from the central government to make the same arrangement for all the banks in India to approve a 5 working days formula for banks. 

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The Bank will open for the same hours in 5 working days system 

The forum has also told the ministry that the number of hours in a week for banks will not be affected by the five working days system. It means, that all the veins who are currently opening from 10 to 5:00 p.m. will increase their office timing in a 5 working days system. However, the number of working hours and office timing in five working days will be revised by the forum if the ministry approves the proposal.

So customers who are using their banks From 10 to 5 office timings from Monday to Saturday can use banking services at the branch from 9:30 to 6:30 ( expected) in the Monday to Friday system. However, currently, banks are closed on all the national holidays, all Sundays in a month, and the second and fourth Saturdays in a month. The last working day of a month is also declared as a half day in many branches where Bank and Rise calculates the monthly financial data on the last day of a month.

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The Memorandum of Bank Association 

The United Forum of bank unions and employees in banks signed a memorandum of understanding- MOU in the last month of 2023 for an increment of 17% wage in the salary of all the employees in public sector banks. It will increase the budget of 12,499 crore rupees on the government to provide the increased salary in the bank account of the employees.

However, there are high expectations from the Ministry of Finance to approve the proposal of bank associations for an increment in salary and revise the working days of banks in a week from 6 days to 5 working days due to upcoming Parliament elections.