Salary Hike and 5-Day Work Week for PSB Employees by Mid-December, Read Details Here

Bank Salary 2024: Big news for all Public Sector Bank Employees. There will be a salary hike of 15% to 20% by mid-December for PSB workers, as reported in the 12th bipartite settlement talks between bank unions, associations, and the Indian Banks' Association (IBA). Additionally, a five-day work week will be implemented for the employees, either concurrently with or immediately following the pay raise declaration by the Central or the IBA, according to media reports. The report states, "This is the first time in the history of negotiations that the offer [for a wage hike] is starting with 15 per cent. It [wage hike] will likely be between 15% and 20%.”

This revision will also be applicable to regional banks. The new agreement took place as the current wage system expired on November 1, 2023. Since then, discussions and negotiations have been ongoing between the IBA and the unions representing bank employees.

Due to the five-day workweek, branches will remain closed on weekends. However, employees may be asked to work extra hours during the week to compensate for lost working hours, according to sources. They said, "Business hours will start early on weekdays and close 30-45 minutes later than the current working hours. Customers who want to withdraw or transfer cash can do so through automated teller machines, with the only challenge being the deposit of cheques," he added, "Collection of cheques will be affected for these two days."

The closure of branches would lead to savings in terms of fuel used for travel and electricity. "The inconvenience to customers is more than compensated by the savings and other considerations. Employees also deserve more family time," they explained.

In 2020, approximately 8.5 lakh employees got an increase of 15%  in their salary packages. A total of 37 banks had signed this settlement agreement of which 11 were public sector banks.