Details: Bank Workers Could See A 5-Day Workweek And A Salary Increase in 2024

<p>Five Days At The Bank: Bank workers might have a happy year in 2024. Bank workers may get five working days and a pay increase by June, if the Finance Ministry grants its approval. The bank employee union group, United Forum of Bank Unions, has recommended a five-day work week for the banking industry in a letter to Finance Minister Nirmala Sitharaman.</p>
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<p>These days, banks are closed on the second and fourth Saturdays of each month in addition to Sundays and official holidays.</p>
<p>The United Forum of Bank Unions has guaranteed in its proposal that the five days of work will neither result in a decrease in overall banking costs, nor will it result in a reduction in the number of hours that staff and clients work or bank together. The agreement established with the Indian Banks Association provides the basis for the plan.</p>
<p>The organization has asked the Finance Minister to take a constructive look at the situation and give the Indian Banks organization the go-ahead to go forward as a result. According to the United Forum of Bank Unions, LIC and the Reserve Bank of India currently operate on a five-day workweek.</p>
<p>Bank workers’ salaries will rise.</p>
<p>The Indian Banks’ Association and bank staff unions agreed to raise salaries in all public sector banks in India by 17%, or Rs 12,449 crore, via the signing of a Memorandum of Understanding (MOU) last year.</p>
<p>In the event that the plan is approved, about nine lakh workers—including 3.8 lakh officers—at PSU banks like SBI and other private sector banks would benefit from pay increases and, most likely, two days off.</p>