Bank branch hours to be cut by 30 minutes next April

Korea's bank branches will see their operating hours reduced by 30 minutes starting next April, as part of a tentative labor-management agreement reached between the Korean Financial Industry Union and the Korea Financial Industry Employers Association. The new schedule will see branches opening at 9:30 a.m. instead of the current 9 a.m., while closing hours remain unchanged at 4 p.m. The agreement also includes a 3 percent increase in total wages for workers, a flexible work schedule that allows employees to delay their start time by up to one hour per week, and a system for compensatory leave and performance evaluations.

The deal comes after five months of negotiations and avert a planned strike, with the union stating they would call off the strike following the agreement.

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