New Delhi: The Government sources have denied that the Finance Ministry committed to introducing a five-day work week for banks, as employee unions prepare for a nationwide strike from September 28 to 30.
The proposal remains under consideration, the sources said, distinguishing the Indian Banks’ Association’s (IBA) agreement with unions from a government commitment.
The United Forum of Bank Unions (UFBU), which claims to represent 90 percent of the banking workforce, has called the strike to press for five-day banking and other demands. The disruption would coincide with the sector’s half-yearly closing.
Follow The PSUWatch Channel on WhatsApp
Unions have cited the 12th Bipartite Settlement and 9th Joint Note, signed on March 8, 2024, under which the IBA agreed to a five-day work week alongside a 40-minute increase in daily working hours from Monday to Friday.
The proposal was subsequently recommended to the government, but the Finance Ministry made no commitment to implement it, sources said.
They added that several pending issues had been resolved, including a revision in family pension for bank retirees and a pension option for employees who had resigned. The Performance Linked Incentive scheme, whose withdrawal unions had sought, was kept in abeyance, they said.
To help customers meet their banking needs ahead of the strike, the government has instructed public sector banks to remain open on Sunday, September 27.
It also advanced September salary, wage and pension disbursements for central government employees and pensioners to September 25.
An office memorandum issued by the Controller General of Accounts allowed central government offices, including Defence, Posts and Telecommunications, to draw and disburse September payments on Friday. The arrangements also covered industrial employees of the central government and pension payments through banks and pay and accounts offices.
Follow PSU Watch on LinkedIN
Earlier this week, the Finance Ministry appealed to bank employees to avoid strike action and resolve outstanding demands through talks, saying most union concerns had been substantially addressed.
The UFBU’s other demands include pension revision and improvements, a uniform dearness allowance formula for all pensioners, and an option for employees covered by the National Pension System to switch to the old pension scheme.
(PSU Watch is India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy. 👉 Click to join our channel now: PSUWatch WhatsApp Channel. Prefer LinkedIn? Follow PSU Watch on LinkedIN. Click to stay connected on Twitter here and stay updated)