If you wait for your salary to come on the first of May like the first of every month, then this time you will have to be a little patient. There will be no salary credit in the bank accounts of many employees on May 1. The reason for this is the holiday of Labor Day and Buddha Purnima, due to which there will be a bank holiday in all the states of the country and the salary will not be credited to your account on that day.
Process stuck due to bank closure
On May 1, government and private banks remain closed across the country due to Labor Day and Buddha Purnima. In such a situation, there may be delay in banking services like salary processing, NEFT/RTGS. Although some digital services remain operational, the salary credit process is often completed on bank working days only.
When will the salary come?
The money will be credited to the account of those employees whose salary was to be received on May 1, on or after the next working day i.e. May 2. It entirely depends on when the company processes the salary and what is the clearing timing of the concerned bank.
Different situation in private companies
Some private companies release salaries even before the holidays, so that the employees do not face any problems. At the same time, many companies process salaries according to the regular schedule, due to which there may be a delay of one or two days.
Impact on digital banking also
Although services like UPI and mobile banking operate 24×7, the system of salary credit is often based on batch processing. Therefore, its effect is visible on holidays.
What should employees do?
If your salary does not come on May 1, there is no need to panic. Usually this delay is temporary and the money reaches your account on the next working day.
Banks will remain closed for so many days in May
Banks will remain closed for 13 days in the month of May, in which 3, 10, 17, 24 and 31 May will be Sunday holidays. Also, there will be bank holiday across the country on 9th and 23rd May, second and fourth Saturday. Apart from this, there can be holidays in different states due to Labor Day on 1st May, Rabindranath Tagore Jayanti on 9th May, State Day on 16th May, Birthday of Qazi Nazrul Islam on 26th May, Eid-ul-Azha on 27/28th May.
