Bank employees strike for five-day banking week

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Bank officers and employees staging a demonstration in Mysuru on Friday demanding five-day banking week. | Photo Credit: M.A. Sriram

Banking services were affected in Mysuru on Friday as employees and officers of various banks observed a one-day strike demanding the introduction of a five-day working week, among other demands.

Bank branches in the city remained closed, leaving customers without regular banking services. The strike was called by the United Forum of Bank Unions (UFBU), which represents seven bank unions and more than 90% of the workforce in the banking sector, including public sector, private sector, foreign, regional rural and cooperative banks.

The striking employees said bank managements had reportedly assured them that efforts would be made to declare all Saturdays as holidays. At present, only the second and fourth Saturdays of every month are holidays, while the remaining Saturdays are full working days.

According to a UFBU release, there would be no reduction in banking hours for customers if all Saturdays were declared holidays. The unions have agreed to extend working hours by 40 minutes from Monday to Friday to compensate for the additional holidays.

The UFBU said the issue had remained pending with the Union Finance Ministry for more than two-and-a-half years despite discussions.

It said several issues remained unresolved even after the settlement signed on March 8, 2024. These included conversion from the National Pension System (NPS) to the Old Pension Scheme (OPS), exemption of income tax on the additional 4% contribution by banks to NPS, and an increase in the gratuity ceiling under the Gratuity Act.

The UFBU said bank employees had been forced to intensify their agitation as the government had not given any commitment on introducing five-day banking.

The unions have also threatened to go on a strike again on September 28, 29 and 30 and launch an indefinite strike from October 26 if their demands are not addressed.

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