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Bank Employees Salary Hike, Likely To Have 5-Day Work Week By June 2024: Reports

Bank Employees Salary Hike

United Forum of Bank Unions, a coalition of bank employee unions, has written a letter to Finance Minister Nirmala Sitharaman to allow a 5-day workweek for the banking sector

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Any further update on Bank Employees Salary Hike will be immediately update here.

InstitutionFinance Ministry
Working Days in a week5
Salary Hike17%
Salary Hike dateJune 2024
Beneficiary9 lakh employees, including 3.8 lakh officers
WebsiteClick Here
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Bank Employees Salary Hike

The long-standing demand of bank employees to have 5-day workweek is likely to be accepted by the government this year. According to media reports, the bank employees are likely to get 5 working days in a week, subject to the finance ministry approval, and a salary hike in June 2024.

According to an ET report, the United Forum of Bank Unions, a coalition of bank employee unions, has written a letter to Finance Minister Nirmala Sitharaman to allow a 5-day workweek for the banking sector.

The bank employee union also assured that there will be no reduction in banking hours for customers or in the total working hours for employees and officers.

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The ET report said the union has urged the finance minister to review the matter favourably and direct the Indian Banks’ Association (IBA) accordingly.

Currently, bank branches are closed on second and fourth Saturdays. Banks unions have been demanding since 2015 offs on all Saturdays and Sundays. Under the 10th Bipartite Settlement signed in 2015, RBI and the government agreed with the IBA and declared second and fourth Saturdays as holidays.

On salary, the IBA and bank employee unions last year reached an agreement for a 17 per cent salary hike across all public sector banks (PSBs) in India, amounting to Rs 12,449 crore.

The salary hike, if approved by the Centre, will benefit about 9 lakh employees, including 3.8 lakh officers, across all PSBs and select old-generation private banks.

The MoU reached by IBA and bank employee unions after negotiations held on December 7, 2023, included a commitment to finalise the wage revision within 180 days, according to a TOI report.


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