Every employee shall be allowed in each calendar year a holiday of one whole day on the 26th January,*[1st May,] the 15th August, 16th August and the 2nd October and *[three] other holidays each of one whole day for such festival as the Inspector may, in consultation with the employer and the employees, specify in respect of any industrial establishment:
1 [Provided that if in any calendar year the 26th January,*[1st May,] the 15th August, 16th August or the 2nd October falls on a weekly holiday, every employee shall, in addition to his normal wages, at his option and subject to the proviso to sub-section (3) of section 5, be entitled to ---
(i) an extra single days’s wages, or
(ii) avail himself of an additional holiday with wages on any other day.]