Committee to examine five-day work week demand: 3-day bank strike called off following late-night talks
Following an agreement between the Indian Banks' Association (IBA) and the United Forum of Bank Unions (UFBU), the three-day nationwide bank strike scheduled for September 28, 29, and 30 has been called off.
This decision was reached after a meeting between the two parties late Sunday night, September 27. The key outcome of the meeting was an agreement to form a committee to examine the demand for a five-day work week and other pending issues.
Committee to examine the five-day work week demand
Bank unions have been demanding a five-day work week, under which banks would remain closed on Saturdays and Sundays. This issue, along with the Performance Linked Incentive (PLI) scheme and other service-related matters, had been pending.
Under the recent agreement, a committee will be constituted to discuss the demand for additional holidays and work towards a possible solution. However, the five-day work system has not yet been implemented.
The IBA will also discuss proposals regarding changes to the PLI scheme with the government.
Normal banking services to continue
The proposed strike could have disrupted banking operations across the country, including cash deposits and withdrawals, cheque-related transactions, demand drafts, and other branch services. With the strike called off, bank branches will continue normal operations on September 28, 29, and 30.
The proposed strike had the backing of seven major bank unions—AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF, and INBOC. Collectively, these unions represent over 90% of bank employees.
The IBA represents bank management and negotiates with employee unions on issues such as wages, holidays, and service conditions. The UFBU is a joint forum of various bank employee and officer unions that presents staff demands to bank management.
IBA expected to consult the govt regarding proposals
According to a UFBU circular, the government was not directly involved in the meeting held on September 27. However, the IBA is expected to consult the government regarding proposals related to the PLI scheme. The immediate outcome of the talks is the withdrawal of the strike, while discussions on a five-day work week and other pending demands will continue.