The agreement between the IBA and the All India Bank Officers Confederation also includes a 17 per cent annual salary increase for bank employees and it will granted after the Centre’s approval.
Mumbai: Here comes a piece of good news for the bank employees as they are likely to enjoy a five-day work week and salary hike soon after the Indian Banks Association (IBA) signed an agreement with the All India Bank Officers’ Confederation. As per an ET report, the Indian Banks Association (IBA) and the All India Bank Officers Confederation decided to shift to a five-day working week. One it is approved by the Centre, the bank employees will be able to switch to a Monday-to-Friday working time. The decision in this regard was taken on March 8, 2024.
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When Bank Employees Get Salary Hike?
After the IBA and the All India Bank Officers Confederation signed the agreement, now it is waiting for the Centre’s approval and once the government gives its nod, banks could be closed on Saturdays and Sundays. Right now, banks are operational on the first and third Saturdays of the month and remain closed on the second and fourth Saturdays.
The 9th Joint Note, signed on March 8, 2024, between the IBA and the All India Bank Officers Confederation outlined certain changes, designating all Saturdays as holidays once government approval is secured.
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“The Joint Note recognises all Saturdays as holidays, pending government notification. The revised working hours will be effective after notification by the government,” the joint statement said.
However, this decision could impact the bank customers accustomed to banking on Saturdays, although alternatives like mobile, ATM, and internet banking remain available.
Salary Hike For Bank Employees
Apart from this, the agreement between the IBA and the All India Bank Officers Confederation also includes a 17 per cent annual salary increase, totalling to approximately Rs 8,284 crore extra for public sector bank employees.
However, the specific timing adjustments for the bank employees are yet to be finalised, but reports say that a potential extension of 40 minutes to the workday, spanning from 9:45 am to 5:30 pm.
Once it is approved by the Centre, the transition to a five-day work week could bring changes for bank employees and customers alike, alongside a salary increase for those in the sector.
