The adoption of a five-day workweek, a pay raise, and the requirement for retirees to have group medical insurance are the three major issues on which the Indian Banking Association is anticipated to decide next week. On July 28, a Friday, bank unions and the banks’ association will hold their first meeting to discuss these issues. Employees of banks may request two days off per week.
The United Forum of Bank Unions (UFBU) noted in a notice dated July 19 that they had brought up the idea of implementing a five-day workweek during earlier discussions. The IBA reacted by saying that the matter is being actively pursued and considered by all pertinent stakeholders. The UFBU requested that the IBA move as quickly as possible toward implementing a five-day banking week.
Banks are open on the first and third Saturdays of every month, with employees working on alternate Saturdays. The demand for a five-day work week has been around for a while, but it really took off when the government started doing it in the LIC. The Indian Banking Association has presented a proposal to the government, and the finance ministry has not objected to the employees’ demands. The proposal calls for giving bank employees 40 minutes more to work each day.
The UFBU has agreed to a uniform base policy of Rs 2 lakh for retiree medical insurance, with some restrictions on bed charges and package treatments to lower premiums. They also intend to provide optional top-up plans with a cap of Rs 10 lakh.
Additionally, banks will be closed for a total of 14 days in August 2023, including both Saturdays and Sundays. While some of these holidays will be observed across the country, others will only be observed in certain states or regions.
Customers can still use mobile and internet banking during bank branch closures to complete transactions online. Customers can also use the ATMs and banking kiosks that will be available.