12th BPS To Be Implemented From June, 5-day week, 15% salary hike

12th BPS Latest News Update - It is believed that the government is likely to grant bank employees' long-standing demand for a five-day workweek. Bank staff are expected to have 5 working days per week, subject to finance ministry permission, and a wage increase in June 2024.

12th BPS News - 5 Days Banking

According to an ET report, the United Forum of Bank Unions (UFBU) has written to Finance Minister Nirmala Sitharaman requesting a 5-day workweek for the banking sector. The bank employee union also stated that there would be no change in banking hours for consumers or overall working hours for workers and officers. 

The UFBU has also urged the finance minister to conduct a favorable evaluation of the case and direct the Indian Banks' Association (IBA). Currently, bank branches are closed on the second and fourth Saturdays. 

Since 2015, bank unions have demanded all-day Saturday and Sunday off. Under the 10th Bipartite Settlement, reached in 2015, the RBI and the government agreed with the IBA to declare the second and fourth Saturdays as holidays. If approved by the Centre, the salary raise will benefit around 9 lakh staff, including 3.8 lakh officers, from all PSBs and certain old-generation private banks. 

The MoU struck by the IBA and bank employee unions following negotiations on December 7, 2023, includes a pledge to finalize the pay modification within 180 days.
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