According to a report by Financial Express, the Indian government is considering the implementation of a five-day working week for banks before the model code of conduct (MCC) comes into effect ahead of the Lok Sabha elections. This move comes after public-sector bank employees are set to receive a 17% salary increase, following the signing of a memorandum of understanding (MoU) between the Indian Banks’ Association (IBA) and bank unions in December of last year.
Unions’ Request for a Five-Day Work Week
Bank unions have been advocating for the implementation of a five-day work week, similar to government offices, RBI offices, and the Life Insurance Corporation of India, who already operate on a five-day schedule. The IBA and employee unions approved this proposal in November, and it was subsequently sent to the finance ministry for consideration.
Government’s Support and Timing
An official stated that the government is in support of the five-day work week proposal and has been waiting for the right moment to announce it. It appears that now is the opportune time for the government to make this announcement.
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5 days banking rest in peace
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