FIVE DAYS A WEEK IN BANKS – NEED OF THE HOUR

N.RAJAGOPAL

Introduction

The demand for five days a week in banks emerged during the 10^th bipartite settlement. It was initially the demand of the Officers’ organisations, upon discussions, this demand turned out to be the demand of United Forum of Bank Unions. It may be noted that the 10^th bipartite settlement made history with the introduction of holidays on second and fourth Saturdays, thereby marking a new beginning.

Genesis of five days a workweek across the world

To understand the modern and flexible version of the workweek, we must understand the roots of the workweek itself. The first known workweeks have been traced back to the Babylonians, with their whopping seven-day workweek. This lifestyle of all work, no play, eventually caught up with its workers, which led to the Fair Labour Standards Act of 1938. This act called for eight-hour workdays, 40-hour workweeks, and established minimum wage, overtime pay eligibility, recordkeeping and child labor standards.  In US, Ford Motor Companies adopted a five day, 40 hours a workweek on 25^th September 1926.

Five days a week widely prevalent

Many countries including Argentina, Australia, Bahrain, Bangladesh, Belgium, Brazil, Canada, Cambodia, Chile, China, Denmark, Egypt, France, Germany, Greece, Iran, Iraq, Israel, Italy, Japan, Kenya, Mexico, Netherlands, Norway, North Korea, Russia, Singapore, Spain, Sri Lanka, South Korea, Sweden, Switzerland, Thailand, UK, US, Venezuela, Zimbabwe have five day a workweek. This list is just only illustrative but not exhaustive. In June 2021, the Japan government urged its employers to initiate four day workweek instead of five days in order to bring in work-life balance and to improve employees’ productivity.

This change of lesser workweek has been implemented across the globe after having an in-depth study by various institutions / individuals and governmental organisations. All these studies have in common concluded that the issue of five day week as a win-win situation for both the employers and the employees.

Present scenario in Indian Banking Industry vis-à-vis UFBU’s role

It was on 05^th June 2017, the 11^th bipartite common charter of demands by the Workmen Unions and Officers Associations were submitted to IBA, which contained among others the demand for five days a week in banks. During the discussions between IBA and UFBU, the demand for five days a week was negotiated while the response of IBA was that the matter needs to be taken up with various stake holders including customers and Government before any decision was taken. The arguments from the UFBU were that Five  Day  week  was  already  available  in  the  international  banking  system.   Further UFBU put forth: “It  is  also available  in  our  country  in  RBI, Stock Exchanges, Central  and  State  Governments,  Public  Sector Undertakings  and  Private  Sector  MNCs  and  IT  Sector.     Hence, it should be introduced immediately in the banking industry”. During this period, the delegation from UFBU had met the then Union Finance Minister and Secretaries in the Department of Financial Services with a request to implement five days a week in banks. Similarly, on 23^rd September 2020, the representatives of the four officers’ organisations met Dr M K Mishra, Joint Secretary, DFS and Shri Rajeev Kumar, Secretary, DFS and held discussions on 5 day week. It was categorically assured that the demand would be actively considered. Again on 25 09 2020 the officers’ delegation met Shri Anurag Thakur, the then Union Minister of Finance and sought his intervention.

The Government – IBA combine felt that the customer services would be affected by extending five days banking. This was rebutted by the UFBU by providing them the data on digital banking. The banks have successfully transformed the way the banking was done and made available the alternative mode like cash deposit machines round the clock. The number of  Credit cards, Debit cards, Internet Banking and Mobile banking have increased multifold.

	Dec 2017	Dec 2021
ATMs	2,07,036	2,11,409
Point of Sales	30,27,302	54,98,311
CREDIT CARDS	3,54,96,202	6,89,48,699
DEBIT CARDS	84,24,71,191	93,77,41,694

                                    Source: RBI

The grant of five days a week also benefits the banks in various ways. Some of them are (1) Decreased absenteeism (2) Increased productivity (3) Reduced energy costs at branches (4) Improved work – life balance.

Recently Life Insurance Corporation has started implementing five days a week.  For quite a long time five days a week has been there in General Insurance sector. Since two years the WFTU has been fighting for five days a week.  It has called upon its affiliates, friends, class-oriented unions around the world to incorporate in their demands the current demand for 35 hours work week.

Conclusion

Five days a week is a world order and a win-win situation for both the employers and employees. It is important that this demand is met without waiting for the next settlement to commence. This is the wish of all the bank employees and officers.  Bank employees definitely deserve five days a week; if the Indian Banks Association and Union Government drag their feet, it has to be fought and won.