The Korea Financial Industry Union and the Korea Financial Industry Employers Association have reportedly reached a tentative agreement in their industry-wide negotiations.
According to the financial sector and labor circles today (28th), the two sides tentatively reached a consensus in their central industry-wide negotiations earlier in the day.
This agreement comes five months after negotiations began in April.
Under the agreement, the two sides decided to shorten bank branch operating hours by 30 minutes starting next April.
The plan involves delaying the daily opening time from the current 9:00 AM to 9:30 AM.
This consideration was made given that employees had to arrive at work before 9:00 AM to prepare for the 9:00 AM opening.
The closing time for branches will remain unchanged at 4:00 PM.
The total wage increase rate was set at 3.0% as both labor and management made concessions, with management agreeing to provide financial resources for hiring new young workers.
In addition, they agreed to establish a flexible working hours system for a better work-life balance, and to introduce a Friday customer closing system (last call) along with a compensatory leave plan.
Furthermore, eligibility for childcare leave will be expanded to employees with children up to the 6th grade of elementary school, and working hours adjustment systems will be extended for employees with children in the lower grades of elementary school.
(Photo: Yonhap News)
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