Finance Ministry Refutes Claims of 5-Day Bank Week Agreement Ahead of Upcoming Strike
The Finance Ministry has denied claims of an agreement to implement a five-day work week for banks, stating there is no commitment from the ministry. This clarification comes as bank employee unions prepare for a three-day nationwide strike starting September 28, driven by various demands, including the push for a five-day banking system.
The United Forum of Bank Unions (UFBU), representing approximately 90% of the banking workforce, asserts that the Indian Banks’ Association (IBA) had agreed to the five-day work week in the 12th Bipartite Settlement signed on March 8, 2024. The proposal includes extending working hours from Monday to Friday by 40 minutes to offset the removal of one working day. However, government sources indicate that the proposal is still under consideration and has not been officially accepted.
While the Finance Ministry disputes the unions’ claims regarding the five-day work week, it has resolved several other issues raised by the unions. These include an increase in family pensions for bank retirees and the introduction of a pension option for employees who resigned. However, the unions’ demand for the withdrawal of the Performance Linked Incentive (PLI) scheme remains unresolved. The impending strike coincides with the banking sector’s half-yearly closing, prompting the government to instruct public sector banks to remain open on Sunday, September 27, to minimize customer disruption.
In preparation for the strike, the Finance Ministry has also directed government departments to disburse September salaries in advance. An office memorandum from the Controller General of Accounts states that salaries for Central Government employees may be drawn and disbursed on September 25. This measure extends to employees in various central government offices, including Defence, Posts, and Telecommunications, as well as pensions for central government pensioners.
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