Ban on Company Dinners and Private Gatherings
Return to Social Distancing Level 4 Quarantine Guidelines
[Asia Economy Reporters: Kim Jin-ho, Oh Hyun-gil, Ki Ha-young] As the resurgence of COVID-19, which seemed to be calming down, intensifies, tension is rising in the financial sector as well. With the reinstatement of high-intensity quarantine guidelines to levels before the everyday recovery phase (With COVID-19), major financial companies are continuously raising their response measures. However, since the financial sector has already experienced the social distancing Level 4 in the past, it is expected that their COVID-19 response will not face significant difficulties.
According to the financial sector on the 17th, major financial companies have already notified or are preparing enhanced guidelines for COVID-19 response at their headquarters or main branches. Common measures include ▲prohibition of company dinners and restraint on private gatherings ▲recommendation of non-face-to-face meetings ▲expansion of remote work ratios ▲postponement of business trips and training sessions.
Major commercial banks have strengthened the quarantine guidelines that were relaxed after the With COVID-19 phase. Shinhan Bank has been operating a ‘Special Quarantine Management Strengthening Period’ from the 6th of this month until the 2nd of next month. From 6 p.m., all department dinners and gatherings among employees are completely banned, and face-to-face meetings are also discouraged. Separately, internal quarantine management operation changes are currently under review. It is known that there is a plan to increase the dual operation work ratio of headquarters departments from the existing 20% to 40%, which corresponds to the Level 4 social distancing standard.
NH Nonghyup Bank is also discussing strengthening quarantine guidelines such as increasing and mandating the remote work ratio. It has issued guidelines for all employees in headquarters and business divisions to comply with personal quarantine rules and to refrain from private gatherings and dinners during the year-end and New Year holidays. Hana Bank has banned dinners and gatherings among employees except for customer hospitality necessary for business. They are currently reviewing a plan to increase the recommended remote work ratio, which is set at over 30% of the total department members.
Currently, commercial banks are operating with shortened business hours by one hour to prevent the spread of COVID-19 at branches. They are actively responding to government quarantine measures, such as limiting the number of waiting customers inside branches to fewer than 10.
Insurance and card companies have also taken swift action. Samsung Life Insurance has already increased the remote work ratio to 50% per department since last week. Kyobo Life Insurance is discussing increasing remote work by more than 30%, which was eliminated after transitioning to With COVID-19. Samsung Fire & Marine Insurance is raising the remote work ratio up to 50% in both metropolitan and non-metropolitan areas, considering the COVID-19 spread situation by region. Hyundai Marine & Fire Insurance is reviewing a plan to increase the remote work ratio from the existing 20-30% to 50%.
The card industry is proactively implementing the highest-level measures such as banning dinners and gatherings and normalizing dispersed work. Hyundai Card is expanding the remote work ratio from 50% to 70% and enforcing bans on dinners and business trips. Shinhan Card is currently operating remote work at a 30% ratio and is considering further expansion of dual operation work.
Meanwhile, if the COVID-19 spread continues, there is a high possibility that major financial sector events during the year-end and New Year holidays will be canceled. In particular, the ‘Pan-Financial Sector New Year Meeting,’ the largest event in the financial sector, is expected to be canceled or held non-face-to-face next year as well, following this year.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
