From the 8th, Branch Office Hours Shortened by 1 Hour to 9:30 AM?3:30 PM
Raising Quarantine Standards in the Financial Sector
Expansion of Remote Work in Banking, Card, and Insurance Industries
On September 1, when bank operating hours in the Seoul metropolitan area were shortened to prevent the spread of the novel coronavirus infection, a notice informing customers of the reduced hours was posted at the Kookmin Bank in Yeouido, Seoul. Photo by Kang Jin-hyung aymsdream@
[Asia Economy Reporters Sunmi Park, Hyungil Oh, Hayoung Ki] The financial sector has significantly raised its quarantine measures to prevent the spread of the novel coronavirus (COVID-19). This move follows the government's announcement to uniformly elevate the social distancing level in the metropolitan area from 2.0 to 2.5 and in non-metropolitan areas to level 2 starting from the 8th of this month.
According to the financial sector on the 7th, bank branch operating hours will be shortened starting from the 8th. The National Financial Industry Labor Union had previously made a verbal request to the Financial Industry Employers Council to shorten the operating hours of metropolitan area banks by one hour. Based on this, the financial authorities, the Financial Industry Employers Council, and the Financial Labor Union held related consultations and reached an agreement.
Financial Labor and Management Temporarily Shorten Metropolitan Bank Operating Hours
During the period from the 8th to the 28th, when social distancing level 2.5 is applied, metropolitan bank operating hours will be from 9:30 AM to 3:30 PM, reduced by one hour compared to the previous hours (9:00 AM to 4:00 PM). However, on the first day of implementation, the 8th, the opening time will be set at 9:00 AM instead of 9:30 AM to prevent customer confusion.
The shortened bank operating hours will be extended if the 2.5 level period is prolonged or strengthened. Additionally, the same measures will be applied regionally in non-metropolitan areas if social distancing level 2.5 is implemented there in the future.
This measure follows the agreement made last August between the Financial Industry Employers Council and the Financial Labor Union to shorten bank operating hours when social distancing level 2.5 is enforced. Previously, in September, to prevent the resurgence of COVID-19 and protect financial consumers and workers from infection, bank branches also operated with a one-hour reduction in operating hours. Due to the expansion of non-face-to-face services in the banking sector, consumer confusion caused by shortened branch hours was evaluated as minimal.
Shinhan Bank "Expands Work-from-Home Staff to 30%"
In addition to shortening operating hours due to the elevation to social distancing level 2.5, the banking sector plans to expand the number of employees working from home and practicing staggered shifts. NH Nonghyup Bank is currently reviewing the expansion of dispersed work through call center work-from-home arrangements. Among the staff at call centers in four regions?Yongsan, Yangjae, Daegu, and Gwangju?10% had been working from home. However, due to signs of a third wave of COVID-19, the work-from-home ratio was increased to 20% from the 25th of last month, and discussions are underway to further expand it to around 30% starting this week.
Shinhan Bank will raise the proportion of dual-location and work-from-home staff from the current 15% to 30% in line with the implementation of level 2.5. The head office cafeteria will also switch to a temporary closure system, changing to a full take-out lunchbox system.
KB Kookmin Bank, which has already prepared and implemented enhanced quarantine policies equivalent to level 2.5, will maintain its current policy of operating 30% of staff working from home and in dispersed shifts for the time being, but plans to expand this if social distancing is further elevated. Woori Bank will also maintain its existing system of increasing dispersed work staff from 20% as of the 24th of last month to 30%, while strengthening guidance to minimize unnecessary gatherings, dinners, and group events among employees as part of its quarantine measures.
Insurance and Card Companies Also Hold Emergency Meetings
Hanwha Life Expands Work-from-Home Staff to Half Starting from Level 2.5
A financial sector official said, "Banks have already implemented all possible measures such as access control and enhanced quarantine since COVID-19 level 2. If the situation worsens, additional measures such as staggered commuting hours, work-from-home, and dispersed staffing at headquarters can be considered, and branches may accompany reduced operating hours with internal disinfection and strengthened quarantine."
Insurance and card companies have also entered emergency meetings. Hanwha Life has decided to expand the number of employees working from home from one-third to half of all staff starting from level 2.5. Kyobo Life plans to strengthen measures such as mandatory mask-wearing, staggered commuting, and elevator occupancy restrictions, which have been in place since level 1. Samsung Life will also enhance quarantine measures such as banning dinner and limiting lunch to groups of four or fewer to protect employee health.
The card industry has already implemented seat distancing, partition installation, and separated work shifts for call center staff. Following the elevation of social distancing, they are now preparing measures to minimize contact among office workers. Currently, Shinhan Card has 20% of its staff working from home, and KB Kookmin Card is also conducting work-from-home for at least 30% of its employees.
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