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South Korean bank branches to open at 9:30 a.m. from April under labor deal
Версия 2: A second business outlet repeated the same agreement and branch opening time, but no new facts were added and nothing in the reported deal changed.
Коротко
The Financial Industry Employers Council and the National Financial Industry Union signed next year’s wage and collective agreements on Oct. 6, Yonhap and CBS NoCut News reported. From next April bank branches will open at 9:30 a.m. instead of 9:00 a.m., pay will rise 3.0% of total wages, and about 10,000 youth interns are to be hired. The two sides said the later opening reflects the spread of digital finance and changing customer behaviour and gives staff time to prepare before business hours.
Читать полностью 2 мин чтения
The Financial Industry Employers Council and the National Financial Industry Union signed next year’s wage agreement and collective agreement on Oct. 6, Yonhap and CBS NoCut News reported. Under the deal, bank branches will begin business at 9:30 a.m. from next April, half an hour later than the current 9:00 a.m. start, and Newsis reported the same opening time. [ 1 , 2 , 3 ]
The two sides said the later opening reflects the spread of digital finance and changes in how customers use branches, and is meant to secure enough preparation time before business hours so that customer service and financial consumer protection can be strengthened, according to Yonhap and CBS NoCut News. [ 1 , 3 ]
The wage increase for next year was set at 3.0% of total wages. The two sides also agreed to expand youth intern hiring to about 10,000 people, funded by an amount equal to 0.75% of total wages and applied according to each institution’s situation, and to contribute an amount equal to 0.25% of total wages to the Financial Industry Public Interest Foundation for use in job-expansion projects. [ 1 , 3 ]
Work arrangements also change. Employees will be able to arrive within 30 minutes after the start of working hours, up to one hour per week, under a flexible-arrival system. Friday one-hour early leave that is not used can be accumulated and taken as compensatory leave. [ 1 , 3 ]
Financial Industry Employers Council chairman Cho Yong-byeong said the agreement was meaningful because labour and management had joined forces not only on the wage increase but also on expanding employment and strengthening the financial industry’s social role, Yonhap and CBS NoCut News reported. He added that under the five-day workweek the two sides would work to raise service quality and better protect financial consumers through sufficient preparation before business hours. [ 1 , 3 ]
The documents do not specify which banks or institutions will apply each measure, how the intern hiring will be distributed, or the total cost of the agreement. [ 1 , 3 ]
Почему это важно
The agreement covers branch opening hours, pay and hiring across the financial industry nationwide, so it affects both bank customers and employees. It also directs part of the wage bill to youth internships and a public-interest foundation, which the two sides framed as strengthening the industry’s social role. The documents do not say which institutions will apply each measure or what the deal costs in total.
Ключевые факты
- The Financial Industry Employers Council and the National Financial Industry Union signed next year’s wage agreement and collective agreement on Oct. 6. [ 1 , 2 , 3 ]
- From next April, bank branches will begin business at 9:30 a.m. instead of 9:00 a.m., a 30-minute delay. [ 1 , 2 , 3 ]
- Next year’s wage increase was set at 3.0% of total wages. [ 1 , 3 ]
- The two sides agreed to expand youth intern hiring to about 10,000 people, funded by an amount equal to 0.75% of total wages and applied according to each institution’s situation. [ 1 , 3 ]
- An amount equal to 0.25% of total wages will be contributed to the Financial Industry Public Interest Foundation for use in job-expansion projects. [ 1 , 3 ]
- Employees will be able to start work within 30 minutes after the start of working hours, up to one hour a week, under a flexible-arrival system. [ 1 , 3 ]
- Friday one-hour early leave that is not used can be accumulated and taken as compensatory leave. [ 1 , 3 ]
- Employers council chairman Cho Yong-byeong said the agreement was meaningful because labour and management joined forces not only on the wage increase but also on expanding employment and strengthening the financial industry’s social role. [ 1 , 3 ]
Подтверждено несколькими источниками
- The Financial Industry Employers Council and the National Financial Industry Union signed next year’s wage and collective agreements on Oct. 6. [ 1 , 2 , 3 ]
- Bank branches will open at 9:30 a.m. from next April, 30 minutes later than the current 9:00 a.m. start. [ 1 , 2 , 3 ]
- The wage increase was agreed at 3.0% of total wages. [ 1 , 3 ]
- Youth intern hiring will be expanded to roughly 10,000 people, funded by an amount equal to 0.75% of total wages. [ 1 , 3 ]
Пока неясно
- Which banks and financial institutions will apply each measure, and how the intern hiring will be distributed. The documents say intern recruitment will follow each institution’s situation but do not name institutions or give a breakdown.
- Whether the 9:30 a.m. opening will be permanent or subject to later review, and how it will be applied at individual branches. The documents state the change but give no review or application details.
- The total cost of the pay increase and the number of employees covered. The documents give percentages and an intern figure but no total amounts or headcount.
Что пишут местные СМИ
Хронология, местное время
- Yonhap reports that the Financial Industry Employers Council and the National Financial Industry Union signed next year’s wage and collective agreements, including the 9:30 a.m. branch opening from April. [ 1 ]
- Newsis reports the agreement and the later branch opening time. [ 2 ]
- CBS NoCut News reports the agreement, the 3.0% wage increase and the roughly 10,000 youth interns. [ 3 ]