Bank Staff to get 5-day work week: FinMin may soon release notification
Bank Staff to get 5-day work week: FinMin may soon release notification

As per the latest reports, the much-awaited 5-day work week for government bank employees may soon be coming into force and Finance Ministry is also expected to give approval on the same.

The Indian Banks Association (IBA) had submitted a proposal to the government in response to this demand, and sources told the daily that a notification with a salary board amendment could be published soon. Currently, bank holidays are observed on the second and fourth Saturdays of each month, while banks are open on the first and third Saturdays of each month.

At the start of the pandemic, however, there was a rise in the demand for a 5-day workweek. The IBA had provided employees with a 19 percent salary increase while rejecting the unions' request for a five-day workweek.
 In January 2023, the United Forum of Bank Unions (UFBU), the governing organisation of the banking industry's trade unions, also issued a demand for a two-day strike for concerns with five-day banking, pension updates, and hiring new employees across all cadres, among other things.

Earlier in February 2023, IBA stated that it would be reviewing bank union proposals for a five-day work week, albeit the daily working hours might be raised by 40 minutes. Employees may need to work every day from 9.45 am to 5.30 pm.

Banks will be closed for 11 days in May as a result of the vacations observed in lieu of numerous festivals, including May Day, Buddha Purnima, Maharana Pratap Jayanti, and the birth anniversary of Rabindranath Tagore. 

Banks were shut down for a total of 15 days earlier in April. It is crucial to remember that each state determines whether or not to observe a bank holiday. Mobile and online banking continue to operate normally despite the banks' continued closure. 

FM Sitharaman to attend ADB's annual meeting in South Korea today

Banks will remain closed for so many days in May, settle the important work in advance


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