Bank employees likely to shift to five-day work week before model code implementation

PTC News Desk: Bank employees across public-sector banks may soon rejoice as the government contemplates approving a five-day working week for them before the onset of the model code of conduct for the upcoming general elections. This decision is anticipated to benefit over 1.5 million bank employees.

The recent signing of a memorandum of understanding (MoU) between the Indian Banks' Association (IBA) and bank unions for the 12th bipartite settlement promises a 17% increase in salaries for public-sector bank employees. However, the unions have urged the implementation of a five-day work week within 180 days of signing the final bipartite agreement.

Government support for the proposal is evident, with industry bodies also expressing agreement on the issue. The timing of the announcement holds significance, offering electoral advantages for the ruling dispensation if introduced before the polls in April-May.

Currently, both public and private sector banks operate on the first and third Saturdays of the month. If the proposed changes receive approval, all Saturdays will be notified as holidays under Section 25 of the Negotiable Instruments Act.

The move towards a five-day work week has been under consideration since August 2015 when the government declared every second and fourth Saturday of the month as public holidays. While some bank managements have voiced concerns about potential impacts on business and productivity, the trade and industry sector has largely embraced the proposal.

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With approximately 1.54 million employees in the banking sector, including public and private sectors, payment banks, and small finance banks, the shift to a five-day work week is poised to extend to Regional Rural Banks (RRBs) as well. These banks may need to implement measures to ensure uninterrupted banking operations, including bolstering digital and ATM services.

As part of the agreement for the five-day work week, banks may consider increasing working hours by 45 minutes per day to compensate for any loss of productivity.

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(Inputs from agencies)

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