Bank Strike: Banks to Remain Closed from 28th to 30th September, Know Employees’ Key Demands
Banking services may be affected between September 28 and 30 as bank employees are set to go on strike. Employees are mainly raising two demands, one concerning pension revision and the other seeking a five-day working week.
Several banks, including SBI and Union Bank of India, have informed customers that services could be affected during the proposed strike period. But why are these two demands so important to bank employees? Here is what the unions are seeking.
Bank employees' organisations argue that while salaries and pay scales are revised periodically, the basic pension of employees who retired many years ago continues to be linked to the pay scale applicable when they retired.
For example, an employee who retired 20 or 30 years ago may still have a pension based on the salary structure that existed at that time. Meanwhile, the pay scales of serving employees have changed several times.
This has created a considerable gap between the pensions of older pensioners and employees retiring under newer pay scales.
Based on this, bank employee organisations are seeking a similar revision for bank pensioners. Their argument is that pension should be updated to reflect changes in pay structures over the years.
Under this arrangement, banks would operate from Monday to Friday, with Saturdays and Sundays as weekly holidays. Bank employee unions argue that a five-day working system is already followed by the central government, the RBI and the insurance sector.
They therefore want the same working pattern to be introduced for bank employees.
According to the employees' argument, this increasing dependence on digital services could help reduce the impact of a five-day working week on customers.
The proposed strike is therefore centred on two long-standing demands: revision of pensions for bank employees who retired under older pay scales and the introduction of a five-day working week. Banking services may be affected during the strike period, so customers should remain aware of possible disruptions.
Several banks, including SBI and Union Bank of India, have informed customers that services could be affected during the proposed strike period. But why are these two demands so important to bank employees? Here is what the unions are seeking.
Pension Difference For Old Retirees
One of the key concerns is the difference between the pensions of employees who retired under older pay scales and those retiring under revised pay structures.Bank employees' organisations argue that while salaries and pay scales are revised periodically, the basic pension of employees who retired many years ago continues to be linked to the pay scale applicable when they retired.
For example, an employee who retired 20 or 30 years ago may still have a pension based on the salary structure that existed at that time. Meanwhile, the pay scales of serving employees have changed several times.
This has created a considerable gap between the pensions of older pensioners and employees retiring under newer pay scales.
Demand For Pension Revision
Bank employee organisations are also pointing to pension revisions in certain public sector institutions. They say that pensions of employees in institutions such as the Reserve Bank of India, NABARD and SIDBI are periodically revised.Based on this, bank employee organisations are seeking a similar revision for bank pensioners. Their argument is that pension should be updated to reflect changes in pay structures over the years.
Why Employees Want A 5-Day Bank Week
The second major demand is for a five-day working week in the banking sector.Under this arrangement, banks would operate from Monday to Friday, with Saturdays and Sundays as weekly holidays. Bank employee unions argue that a five-day working system is already followed by the central government, the RBI and the insurance sector.
They therefore want the same working pattern to be introduced for bank employees.
Digital Banking Has Changed Customer Services
Bank employees also point to the rapid growth of digital banking. Customers can now use UPI, mobile banking,internet banking and ATMs for several services without visiting a branch.According to the employees' argument, this increasing dependence on digital services could help reduce the impact of a five-day working week on customers.
The proposed strike is therefore centred on two long-standing demands: revision of pensions for bank employees who retired under older pay scales and the introduction of a five-day working week. Banking services may be affected during the strike period, so customers should remain aware of possible disruptions.
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