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- Bank Strike India | 5 Day Work Week Demand & Weekend Bank Holiday Update
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Government and some private banks across the country including SBI, PNB and Union Bank will remain closed for three consecutive days from today. The United Forum of Bank Unions has announced a one-day strike on Friday to demand 5-day working which has been pending for 2 years.
After this, bank branches will remain closed due to 12th September being the second Saturday of the month and 13th September being a Sunday. If the government and bank management do not accept the demands, then an indefinite strike will start in banks across the country from October 26.
Banks have told their customers that branch level services may be affected due to the strike. However, digital services like UPI, mobile banking and ATM will remain operational during this period.
Approval on 5-day banking stuck for 2 years
UFBU says that on March 8, 2024, the 12th bilateral agreement and 9th joint note was signed with the Indian Banks Association i.e. IBA. In this, it was agreed to implement 5-day banking. Under this, employees will work 40 minutes more every day from Monday to Friday.
IBA had approved this proposal and sent it to the Central Government, but even after more than two years, it has not received approval from the Finance Ministry.
What is 5-Day Banking Offer?
- At present there is a holiday in banks on the second and fourth Saturday of the month.
- After the implementation of the new proposal, every Saturday will be a holiday.
- Instead, working hours will increase by 40 minutes per day from Monday to Friday.
Controversy over new PLI scheme: Senior officers benefit, lower staff discriminated against
The unions have opposed the new PLI guidelines issued by the Department of Financial Services of the Finance Ministry. Unions allege that the scheme is discriminatory:
- Officers in Scale IV and above: Based on individual performance, PLI equal to basic pay up to 365 days will be available.
- Workmen and Employees of Scale I to III: They will get only basic pay + DA for maximum 15 days.
UFBU argues that PLI should be based solely on the overall performance of the bank and all employees up to Scale VII should get the same number of days incentive. This new rule is a violation of the agreement between the IBA and the unions.
The matter reached Delhi High Court and Labor Commissioner
The dispute regarding the PLI scheme is now pending before the Chief Labor Commissioner under the conciliation process. Apart from this, this matter has also been challenged in Delhi High Court. The unions have demanded that the incentive scheme be amended through bilateral negotiations.
Demand for pension updation and OPS also
- Apart from the main reasons for the strike, bank unions have also re-raised several old demands:
- Pension updation and reforms for all pensioners.
- Uniform dearness allowance formula for all retired employees.
- Option to switch to Old Pension Scheme for employees covered under NPS.
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