Banks may reward staff for working extra-long hours | business-news | Hindustan Times
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Banks may reward staff for working extra-long hours

Banks are likely to chalk out a compensation plan for their employees, who have been working long hours to cope with the unprecedented rise in customer visits, after the government’s surprise demonetisation move.

business Updated: Nov 16, 2016 12:47 IST
Mahua Venkatesh
Banks are likely to chalk out a compensation plan for their employees, who have been working long hours to cope with the unprecedented rise in customer visits.
Banks are likely to chalk out a compensation plan for their employees, who have been working long hours to cope with the unprecedented rise in customer visits.(HT Archive)

Banks are likely to chalk out a compensation plan for their employees, who have been working long hours to cope with the unprecedented rise in customer visits, after the government’s surprise demonetisation move.

While most lenders said they were yet to look into the issue, the senior management of most banks have said the reward plans are likely to be announced.

Several government banks have already issued notices to their branches to give “additional money” to the employees.

Banks may even consider seeking the support of retired staff to carry out the demonetisation exercise .

The finance ministry has also written to the Indian Banks’ Association to ensure that the bank managements focus on employees welfare.

“Banks may plan and support the officers and employees working late hours,” said a notice sent by the ministry.

However, a few banks may not offer compensatory “off-days” in lieu of holidays on which the employees worked.

“All bank employees need to be lauded for their efforts ... they have worked on holidays without any breaks ... we will formulate some award programme for our employees,” said a senior official of a Mumbai-based state bank on condition of anonymity.

Central Bank of India, for instance, has decided to give out-of-pocket expense of ₹3,000 per day to all officers who worked on Saturday and Sunday.

Bank officials said that with most ATMs running dry, customer visits to exchange old currency notes and even withdraw cash has increased manifold.

“Bank employees have been co-operative, trying to help as many people as possible,” said another official.