[Asia Economy Reporter Bu Aeri] Major commercial banks will end their shortened business hours starting from the 30th.
According to the financial sector on the 28th, major commercial banks will open at 9 a.m. and close at 4 p.m. starting from the 30th, when the indoor mask mandate is lifted.
On that day, banks reportedly distributed internal memos and sent related preparation instructions to branches. Major savings banks are also expected to resume normal business hours from the 30th.
Accordingly, shortened business hours will be discontinued after about a year and a half. Due to the impact of COVID-19, the government decided to strengthen social distancing measures, and since July 12, 2021, banks in the Seoul metropolitan area including Seoul, Gyeonggi, and Incheon have operated from 9:30 a.m. to 3:30 p.m.
In October of the same year, the Central Labor-Management Committee, which included financial labor and management representatives, resolved to maintain the one-hour reduction in business hours nationwide until the government’s COVID-19 related quarantine guidelines on private gatherings, multi-use facility restrictions, and indoor mask mandates were lifted.
Meanwhile, regarding the normalization of business hours, the financial labor union is opposing the decision, stating that no agreement was reached. The financial labor union plans to express its position through a press conference on the afternoon of the 30th.
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