Banks to open at 9:30 a.m. starting next April

Starting next April, the opening time for bank branches is expected to be pushed back from 9:00 a.m. to 9:30 a.m. Labor and management in the financial sector have provisionally agreed to shorten business hours by 30 minutes, while the closing time will remain 4:00 p.m. According to the financial and labor sectors on the 28th, the two sides reached a settlement in industrywide central bargaining on this issue after negotiations that had continued since last April. If this agreement is implemented, regular business hours in the banking sector will change for the first time in 18 years, excluding the temporary adjustments made during the COVID19 period. Labor and management explained that they took into account the fact that employees have to commute early in order to open at 9:00 a.m. In addition, they will introduce a flexible commuting system that allows employees to delay their start time by up to one hour per week and up to 30 minutes per day, and set the total wage increase rate at 3%. They also decided to expand parental leave eligibility to the point when a child is in the sixth grade of elementary school.