5 Days Banking – Is it dead?
Bankers in India are asking for 5 days banking for more than a decade now. Where some countries are now shifting to 4 days work week, India’s bank employees even do not see a hope of 5 days work week.
Even the new labour code is talking about permitting four days working in a week in the country and the Banking Industry is still dreaming about getting a 5 days banking in week.
It was a demand to declare all Saturdays holiday but only two Saturdays (2nd and 4th) were declared off in 10th bipartite settlement in 2015.
Employees of following departments/ organizations are already enjoying 5 days work week in India:
- Central Government and most State Government offices.
- Reserve Bank of India
- Life Insurance Corporation of India
Bankers were hoping that the upcoming bps could bring some good news on this front but there was no concrete outcome about 5 days banking in the latest 12th bipartite settlement also.
At the time of deciding 2 Saturdays off in 2015, there was an understanding that the outcome of 2 Saturdays off shall be analyzed and a decision to have 5 days banking will be taken in the next bipartite settlement.
While baking industry in growing rapidly, so is the stress levels of bankers, which is already at peak level. News about the banker’s stress are published everyday in newspapers. Long working hours are adding to the stress level of bankers. Two holidays a week could have been slight relief for already struggling bankers, but it does not seems visible as of now.
There have been news that the proposal is submitted to Finance Ministry for clearance but be it IBA, Bank Unions or Finance Ministry, no one is able to give clarity about the progress of 5 days banking and there is no timeline when it could happen.
