A five-day work week in banks is something that the United Forum of Bank Unions, a coalition that represents bank employee unions, has urged in a letter to Finance Minister Nirmala Sitharaman. As per the terms of a 2015 settlement, banks are currently closed on the second and fourth Saturdays of every month.
The United Forum of Bank Unions(UFBU) guarantees in its proposal that there would be no decrease in the total number of hours that customers can bank or that officers and workers can work if the switch to a five-day workweek is approved. This position is consistent with the agreement that was made with the Indian Banks' Association.
The union has requested that the finance minister take a positive perspective of the situation and instruct the Indian Banks' Association to move forward with the necessary steps. The five-day workweek is already popular in RBI and LIC, according to the United Forum of Bank Unions. It was agreed upon during the 2015 settlement, according to the bank staff union, to "consider our demand for declaring remaining Saturdays as holidays at a later stage after implementing the provision for holidays on two Saturdays in a month."
On December 7, 2023, the Indian Banks' Association and bank unions signed a memorandum of understanding over pay revision and improvements to bank employees' service conditions.
The United Forum of Bank Unions notes the prompt completion of discussions made possible by the memorandum of understanding between bank unions and the IBA, and thanks the finance minister and government for taking their concerns into consideration.
"You are fully aware of the mounting pressure that the bank employees face while carrying out their duties. Therefore, it would be appropriate to declare the remaining Saturdays as holidays as well. The United Forum of Bank Unions stated, "We will appreciate it if you will take a favorable view of the situation and advise the IBA to move forward in this area.
The Indian Banks' Association and bank employee unions came to an agreement last year on a memorandum of understanding (MoU) that increased pay in all public sector banks in India by 17%, or Rs 12,449 crore. About nine lakh workers, including 3.8 lakh officers, from PSU banks like SBI and a few older private banks will gain from this increase. Following discussions between the Indian Banks' Association and labor union officials on December 7, 2023, the Memorandum of Understanding was signed, pledging to complete the pay revision within 180 days.
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According to the terms of the Memorandum of Understanding, both parties must gather together in order to prepare a thorough Bipartite Settlement/Joint Note based on problems that have been mutually agreed upon. The procedure must be completed within the allotted time limit. One of the agreement's main features is the implementation of a five-year salary revision starting on November 1, 2022. Based on the fiscal year 2021–22 pay slip expenses, the 17% rise in salary and benefits comes to Rs 12,449 crore for all public sector banks, including the State Bank of India. Furthermore, a total increase of Rs 1795 crore will be achieved by combining Dearness Allowance with basic pay with an extra 3% loading.
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