NEW DELHI: The Indian Bank Association (IBA) has agreed to implement a five-day workweek for bank employees, a request that is currently being considered by the Union Finance Ministry.
During the IBA’s meeting on the 28th of the previous month, a demand was put forth to designate Saturdays as bank holidays. Subsequently, the IBA endorsed this request and forwarded it for review to the Ministry of Finance.
Currently, banks are not operational on the second and fourth Saturdays. In addition to establishing a two-day weekly holiday, discussions in the meeting also revolved around wage increases for employees and the implementation of a group medical insurance policy for retirees.
The proposed directive also outlines an adjustment to the daily work schedule, requiring employees to work an extra 40 minutes compared to the current working hours. Under this proposal, the new working hours would be from 9.45 am to 5.30 pm.
In 2021, the Life Insurance Corporation of India (LIC) successfully executed a proposal to reduce the workdays to five per week. Concurrently, the Union Finance Ministry has expressed no objections to implementing a five-day workweek for bank employees.
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