While talks are still on with bank unions and the Indian Banks’ Association (IBA), it is expected that by mid December 2023, employees of public-sector banks or PSBs will enjoy a five-day work week as well as an increment of at least 15 per cent. The final proposal is likely to be submitted to the Finance Ministry for approval soon.
Since a 15 per cent offer has been offered initially, it is expected that post negotiations the pay hike will be between 15 to 20 per cent, as reported by the Financial Express.
The existing wage agreement for the employees reached expiry in November, 2022. Negotiations have been on ever since for revision and a new wage agreement. The final decision regarding wages and work week will apply to regional rural banks as well.
However, it remains to be seen whether employees will work extra hours during the week so that they get the weekend off. In all likelihood, working hours will start early and end a little later than they are currently in order to accommodate the loss of working hours.
While the withdrawal of cash will not be affected since customers have the option of relying on ATMs or automatic teller machines, cheque collection will not take place on weekends.
The five-day work week will result in huge savings in terms of electricity and other costs associated with running branches. It will also save fuel used in commuting to work.
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