Bank unions announce September 11 strike over 5-day week, PLI, pension demands

The United Forum of Bank Unions (UFBU), an umbrella body representing nine major bank employee and officer unions, has announced a nationwide strike on September 11 to press for the long-pending implementation of a five-day banking week, changes to the performance-linked incentive (PLI) scheme, and the resolution of pension-related demands. The one-day action is the first in a series of planned agitations, which includes a three-day strike from September 28 to 30 and a warning of an indefinite strike from October 26 if their demands remain unresolved. The central demand is the implementation of a five-day work week, with banks closed on all Saturdays. The unions state that the Indian Banks Association (IBA) agreed to this proposal as part of the 12th Bipartite Settlement and 9th Joint Note signed on March 8, 2024. Under the agreed terms, working hours on the remaining five days would be extended by 40 minutes to maintain overall weekly hours. However, the proposal still requires final government approval and has remained pending for more than two years, according to the unions. The second major point of contention is the revised PLI framework for senior officers.