South Korean banks to start day half an hour later under new labor pact
Banks in South Korea will open at 9:30 a.m. instead of 9 a.m. from April next year after a labor-management agreement was reached.
Financial workers’ umbrella union and a management organization representing South Korean banks have tentatively agreed to shorten daily operating hours by thirty minutes, moving the opening time to 9:30 a.m. starting in April. The banks will continue to close at 4 p.m. as before. In addition to the schedule change, the agreement provides for a 3 percent raise in wages and the adoption of flexible working arrangements for staff.
The deal stops short of meeting the union’s request to stop the government’s relocation program for state-owned banks to regional areas. Talks that began in April led to this compromise, according to financial sources. The changes are set to be implemented next year.
Why it matters
The new schedule and wage terms affect millions of bank employees and could influence service hours for customers across South Korea.
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