In what can go on to become a big move in the Indian banking sector, bank employees may soon be shifted to?a five-day work week instead of the existing six.
Negotiations between the Indian Banks¡¯ Association (IBA) and the United Forum of Bank Employees have progressed, with the association agreeing in principle to a five-day week. But there¡¯s a catch.
Lesser number of work days for banking employees will come at the cost of?longer work hours, as per various media reports.
A senior union official said that IBA had agreed to the proposal in its engagement with union officials earlier this week.
At the meeting on February 28, 2023, there was a discussion on?having uniform office hours from 9.50 a.m. to 5.30 p.m. on all five working days, cash hours from 10 a.m. to 4 p.m., and customer service hours until 4.30 p.m., as per the Moneycontrol report.??
Currently, bank employees work on alternate Saturdays, which has resulted in a lot of confusion among customers who need to track whether it is a working Saturday. Bank unions have long been demanding a five-day week.?Demands have intensified after LIC accepted a five-day week proposal ahead of its May 2021 listing.
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The government will have to?notify all Saturdays as holidays under Section 25 of the Negotiable Instruments Act, said S. Nagarajan, general secretary, All India Bank Officers¡¯ Association. He added that the agreement was outside the scope of the wage negotiations because it had been in the works for a long time. However, as the owner of the public sector?banks, the government also has a say.??
The RBI will also have to accept the proposal as it determines the timing of most interbank activities, as a TOI report.?
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