Bank employees to get 5 Days Banking very soon, meeting on 28th July 2023 with IBA

Last Updated on July 22, 2023 by Brajesh

It seems that Bank Employees will get 5 days banking very soon as IBA is having serious discussion with the stakeholder for implementing the same.

on 19th July 2023, United Forum of Bank Unions has issued a circular (UFBU), later issued by All India Bank Employee Association (AIBEA) too, which says that UFBU had a positive discussion with Indian Bank Association (IBA) over 5 Days banking a week and to introduce the same as early as possible. Bank unions were requesting for 5 Days Banking since long, yet bankers were deprived from same.

On 10th May 2021, Saturday was declared as public holiday for employees of Life Insurance Corporation who were fighting for 5 Days together with Bank Employees. Currently bank employees works on alternate Saturdays i.e. 1st & 3rd Saturday every in a month.

Indian Bank Association is likely to meet on 28th July 2023, where they will discuss with UFBU on charter of demands for wage negotiation along with 5 Days working for bank employees.

In Mar 2023, Indian Bank Association agreed with this demand of Bank Unions and it was believed that IBA will share the proposal with Ministry of Finance for their review and then this will get approved.

Update :-Union & IBA agreeing to 5 days banking : link to 5 Days Banking

It is also believed that Ministry of Finance has no objection to this demand of employees, however their will be a change in working hours of the employees as the daily working hours si supposed to increase by 40 minutes.

On medical insurance policy, UFBU said they have agreed for a separate uniform base policy for Rs. 2 lakh for retirees with certain ceilings and caps on bed charges/package treatments etc. so that the premium on the same will be reduced. One good news which came from last meeting with IBA was on Group Medical Insurance of bank retirees where a MOU was signed for agreement of base policy of Rs. 2 Lacs and a top up facility up to Rs. 10 lacs with certain ceiling on bed charges and treatment cost.

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