5-Day Work Week For Banks: In a surprising move, the Union Cabinet led by Prime Minister Narendra Modi on Thursday, January 16 approved the 8th central pay commission for central government employees and pensioners. This is ahead of Budget 2025. Moreover, the central government employees will get a pay raise after the government implements the new Pay Commission.
The government gave relief to over 1 crore central government employees and pensioners with this news, who will benefit from the latest development. Notably, the then UPA government set up the 7th Pay Commission on February 28, 2014. The government received the commission’s report in November 2015, and then implemented the recommendations effective January 1, 2016, raising the salaries and pensions of central government employees and pensioners.
Another widespread debate in the country is on 5-day workweek for banks in India is a topic of widespread speculations. Currently, banks follow the 6-day work schedule. However, the banking employees are demanding a 5-day workweek for a long time. The Indian Banks’ Association (IBA) and bank unions gave their nod to a 5-day workweek in December 2023. They finalized plans in the 9th Joint Note in March 2024, which includes Saturdays and Sundays off. Notably, banks do observe the holiday on the second and fourth Saturdays of the month.
5-Day Work Week For Banks: Will Govt Surprise Employees Again?
The central government hasn’t approved the proposal for the 5-Day work week for banks, as yet. There were rumors that bank employees might get a 5-day workweek by December 2024, but that didn’t happen. Now, everyone is waiting for the government to officially approve this change, but there’s no deadline yet.
However, the surprise announcement of the 8th Pay Commission has left banking employees waiting for the another big announcement. All eyes are now on when the government will finally give the green light to this long-awaited proposal.
