Forget a four-day workweek, bank employees in India want a five-day week​ 

State Bank Of India

As the world debates the pros and cons of adopting a four-day workweek, hundreds of thousands of bank employees in India are demanding a five-day system.

At least nine unions of bank employees will go on a day’s strike on June 27 to press their demand. They want time off every Saturday and Sunday, saying the technology at the disposal of banks would allow a smooth transitioning to a five-day workweek.

“We have been talking to all stakeholders for the last seven years. But things have not moved as desired. A five-day work week is a basic demand from us and it’s for the betterment of health, and work-life balance of bank employees,” C.H. Venkatachalam, general secretary of the All Indian Bank Employees Association (AIBEA), told Moneycontrol.

“Nearly 900,000 bank employees will shun work and protest on 27 June to drive this message and a few other demand points,” Venkatachalam  said.

Bank employees in India are still working six days a week when other countries are debating the need to shift to four-day workweek, said S.K. Bandlish, general secretary of the National Confederation of Bank Employees (NCBE).

“The money market is working five days, RBI {Reserve Bank of India} is working five days and LIC (Life Insurance Corporation of India} too has shifted to five-day workweek. Why are bank employees still working for six days a week," he asked

"With digital India, banking available in alternative channels, a five-day {workweek} demand is just and needs acceptance,” Bandlish said. 

Bank employees started working on alternate Saturdays  seven years ago. Bank unions have been demanding since 2015 that they be given time off on all Saturdays and Sundays.

“We are seeking this for seven years. But we have not progressed,” Venkatachalam said.

Bandlish said the unions have taken up the issue with the Indian Banks’ Association and the government. Among other issue, Bank unions are also demanding scarping of the NPS and going back to the old pension system.

Bank unions have informed the Central Labour Commissioner (CLC) under the union labour ministry about the demand, and as well as the planned protest this month-end, and are expecting a hearing soon.

Current status 

In the 10th Bipartite Settlement signed in 2015, the IBA agreed after approval by the RBI and the government that 2nd and 4th Saturdays would be holidays, according to the United Forum of Bank Unions, an umbrella body of nine national level bank unions, including NCBE and AIBEA.

It was agreed at that time that introduction of a five-day banking week would be considered, the forum said. It added that the issue was taken up during the 11th bipartite settlement talks, but could not be resolved.

Four-day workweek

Employees of 70 companies across the UK started a four-day workweek from June 6. The six-month pilot experiment is being billed as the largest of its kind and companies from across sectors, ranging from financial services to hospitality, are participating in it.

Getting 100 percent pay for working 80 percent of their work hours, in exchange for maintaining 100 percent productivity, seems a big leap of faith in work culture. Human resource experts and staffing firms say India is perhaps not ready for such an experiment, Moneycontrol reported on June 8.

They argue that a massive labour market with its many layers cannot adopt such a system. Companies look at the issue from four angles -- productivity, roles, sectors and geographical locations.

Talent managers argue that what is partly possible for some sectors of business is almost impossible for others. Some also say that the employer’s psyche in India is attuned to a five-day work culture and a shift to a four-day workweek needs a reset in corporate thinking.