Salary Hike and 5 Days Working for PSB Employees, Check Details

Salary Hike and 5 Days Working for PSB Employees

A fruitful announcement has been made for all the Public Sector Bank workers. A great salary hike of 15% to 20% will be implemented by mid-December for all the PSB employees. This announcement has been reported in the 12th Bipartite Settlement talks in between bank associations and the IBA (Indian Bank’s Association). Other than this, the employees will be following a five-day work week immediately or concurrently with the salary raise announcement by the IBA. As per the resources, it has been said that this is a historic moment where the wage hike is starting at 15%.

This implementation of salary hike and work days policy will be applicable for the regional banks as well. This new and efficient agreement has been generated due to the expired current wage system on 1 November 2023.

How The New Policies Will Be Effective?

With the five-day workweek policy, the banking institutions will remain closed on weekends. However, the employees need to understand that they may be asked to work some extra hours during the working days. Through this technique, there will be no loss of smooth functionalities, and the resources will be used properly for the people. The working days will start early and will shut 30 to 40 minutes later. Customers will not be affected by the system as they can withdraw or transfer the cash through an automated teller machines. Few challenges can be noticed through the implementation of new policies as customers will face issues in depositing cheques.

This policy will also lead to savings as the conservation of fuel and electricity can be acquired. Moreover, the employees will also get some free time to spend with their family. This will boost the productivity of employees and the banking organizations’ functionalities will flourish effectively.