Five-day work week likely for bank staff ahead of Model Code

THE GOVERNMENT MAY approve the much-awaited five-day work week for banks before the Model Code of Conduct kicks in later this month for the general election, bringing cheer to over 1.54 million bank employees, an official source said.

- PRASANTA SAHU

Public sector bank employees are set to get a 17% rise in salaries after the Indian Banks' Association (IBA) and bank unions signed a memorandum of understanding (MoU) on the 12th bipartite settlement in early December. However, the unions had also sought the implementation of a five-day work week within 180 days.

The government is supportive of the proposal and industry bodies have also come on board on the issue, an official said. "The government was waiting for an opportune time for announcement of the five-day week and probably, that time has now arrived," the official said, pointing to the electoral advantage it would offer to the ruling dispensation if announced before polls in April-May.