"Mental Stress Also Recognized as Industrial Accident"... Financial Public Institutions to Establish Employee Protection Systems

Forecast 'Work Consultation Program' Introduction Promotion
Jugeumgong Strengthens Legal Support System

[Asia Economy Reporter Song Seung-seop] Financial public institutions are consecutively establishing internal employee protection systems. This comes as a social atmosphere recognizing mental stress as an industrial accident is forming, and the number of employees complaining of damage caused by malicious clients is increasing. Experts also explained that the financial sector must be able to systematically protect workers from emotional labor-related harm.

According to the financial sector on the 22nd, the Korea Deposit Insurance Corporation is recently reviewing plans to introduce a ‘work counseling program’ for its executives and employees. This is due to a consensus that the company should take the initiative in managing employee stress.

Such discussions have also taken place among management. Last month, while receiving the ‘2022 Safety Management Responsibility Plan’ report, a KDIC director emphasized, “Considering the importance of stress management, safety management should be carefully handled.” At that time, when the director asked, “Does work-related stress for office workers also fall under the concept of safety management?” the head of the safety management office directly answered, “Currently, office workers mainly engaged in mental labor are also included in industrial accidents.”

In the case of the Korea Credit Guarantee Fund, an online self-psychological diagnosis test program is provided to internal employees. After checking their psychological state themselves, they are helped to proceed with accurate counseling with experts according to the results.

These measures have been prepared in financial public institutions because the stress from public-facing tasks, such as fierce protests from some malicious clients, is severe. A KODIT official explained, “We understand that most customers who come to borrow funds are in desperate situations,” but added, “There are many cases of strong protests when they fail the screening, and employees suffer difficulties at face-to-face counters.”

In Cases of Malicious Client Lawsuits and Complaints, In-House Lawyers Also Provide Support

The Korea Housing Finance Corporation strengthened its legal support system as cases of malicious clients filing lawsuits and complaints against employees occurred. According to the strengthened ‘Employee Litigation Support Regulations,’ if employees face lawsuits or complaints during work, in-house lawyers will assist them from the simple investigation stage. Originally, support was only provided when the employee became a suspect, but now the corporation’s help is available even if the employee only appears or is summoned by judicial authorities.

A KHFC official mentioned, “There are cases where employees appear at police stations as witnesses due to client lawsuits during legitimate work processes,” and added, “Since the psychological burden on employees is considerable, we decided to revise the regulations to provide support.”

Financial sector insiders point out that employees’ mental stress has been a chronic problem in the industry. At the ‘Discussion on the Mental Health Status and Improvement Measures of Office Financial Workers’ hosted by the Korea Labor and Occupational Safety and Health Research Institute in February last year, it was pointed out that “office financial workers have long regarded (mental stress) as something they must endure or as inevitable,” and that “each company should establish a system to promote workers’ mental health.”

Professor Kim Hyung-ryeol of the Department of Occupational and Environmental Medicine at Catholic University Seoul St. Mary’s Hospital, who participated as a discussant, said, “The degree of emotional labor among financial sector workers, especially emotional dissonance, is considerable,” and urged, “An organizational and urgent mental health intervention system must be established.” He also suggested preventive measures against customer violence and the role of labor unions as improvement plans.