Bank employees have reason to celebrate as the Indian Banking Association (IBA) is likely to decide on five-day working weeks, salary hikes, and a group medical policy for retirees.
The first meeting between bank unions and the IBA is scheduled for July 28, where these crucial matters will be discussed. If approved, bank employees could be entitled to two days off every week.
United Forum of Bank Unions Raises Demand for Five-Day Workweek
A notification issued on July 19 by the United Forum of Bank Unions (UFBU) revealed their request for introducing a five-day workweek.
The IBA has acknowledged the demand and informed that the matter is actively under consideration by stakeholders.
The UFBU has urged the IBA to expedite the process, enabling the implementation of a five-day work schedule without further delay.
Current Leave Policy and Growing Demand for Change
Currently, bank employees enjoy Sundays off and every second and fourth Saturday as holidays. However, bank unions have long been advocating for a five-day workweek.
The momentum for this demand grew after the government introduced the five-day work rule in the Life Insurance Corporation of India (LIC).
The Finance Ministry has shown support for this demand, and the IBA has already submitted a proposal to the government, which includes an extension of daily working hours for bank employees by 40 minutes.
Wage Board Amendment and Medical Insurance Policy Considerations
The UFBU expects a notification with the Wage Board amendment under Section 25 of the Negotiable Instruments Act to be issued soon.
Additionally, discussions on the medical insurance policy have led to an agreement on a separate flat base policy of Rs 2 lakh for retirees, with specified caps and limits on bed charges and package treatments to reduce premiums.
Moreover, banks across the country will remain closed for 14 days in August 2023, including Saturdays and Sundays, due to scheduled holidays.
