Debate on 5-day workweek for banks is quite a topic of debate in India from a long time now. However, after the central government gave approval to the 8th Pay Commission, the topic got the fuel again. Currently, banks work six days a week, and observes the close on the second and fourth Saturdays. Meanwhile, there has been a long-standing demand from bank employees to adopt a 5-day workweek for the banks.
The Indian Banks’ Association (IBA) and bank unions signed an agreement that included a proposal for banks to adopt a 5-day workweek in December 2023. However, this is the subject to government approval. In March 2024, the IBA and bank unions signed the 9th Joint Note, which highlighted the plans to switch to a 5-day workweek. Additionally, this plan included the offs on Saturdays and Sundays.
The media reports recently suggested that the banking employees’ long-standing demand for a 5-day workweek may get final approval from the finance ministry by the end of December 2024, which off course didn’t happen. As of now, the government has not announced any official deadline on this matter. It will be interesting to see when the ministry officially approves the proposal. Declaration of 5-day workweek for banks in the Union Budget 2025 is not expected as yet.
5-Day Working For Banks: Why A Buzz?
Prime Minister Narendra Modi led Union Cabinet on January 16, 2025, approved the formation of the 8th central pay commission for central government employees and pensioners. The government gave relief to over 1 crore central government employees and pensioners with this news, who will benefit from the formation of the new Pay Commission.
On the other front, the news of the formation of the 8th Pay Commission left the banking employees in hope for the another big move.
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