Bankers Earning Over 100 Million Won a Year Ask to Start Work Later Saying "I Want to Have Breakfast with My Family"

"Forcing employees to arrive before 8:30 AM is increasing"
"Criticism that demands are inappropriate despite annual salary exceeding 100 million won"

The National Financial Industry Labor Union (Financial Labor Union) held a rally in downtown Seoul demanding a 30-minute reduction in business hours and the introduction of a 4.5-day workweek. At the rally on the 11th, Kim Hyung-seon, chairman of the Financial Labor Union, stated, “Although the working hours on the labor contract start at 9 a.m., bank employees are always forced to arrive before 8:30 a.m.”

Currently, bank business hours are from 9 a.m. to 4 p.m. During the COVID-19 pandemic, a shortened work schedule was temporarily introduced, adjusting the start and end times by 30 minutes. The slogan of the rally was “Breakfast with the children.” The Financial Labor Union’s position is that because the actual start time is before 8:30 a.m., there is no time for breakfast and insufficient time to spend with family.

On the 29th of last month, the National Financial Industry Labor Union (Financial Union) announced a general strike plan and held a press conference.
[Image source: Provided by the National Financial Industry Labor Union]

The demand for a 36-hour, 4.5-day workweek was also included. The union added, “Implementing a 4-day workweek would secure more time with family, helping to address the low birthrate issue, and increase opportunities to visit rural areas, which could help resolve the crisis of regional extinction.” Some concerns have been raised that if the Financial Labor Union’s demands are accepted, the start time for work at commercial bank branches will be delayed by 30 minutes, causing inconvenience to consumers.

There has also been criticism that it is inappropriate for bank employees, who earn an average annual salary of over 100 million won, to demand shorter working hours. As of last year, the average annual salary of employees at the five major banks?Kookmin, Shinhan, Hana, Woori, and Nonghyup?was recorded at 112.65 million won. In the first half of this year, the average salary of employees at the four major banks?Kookmin, Shinhan, Hana, and Woori?was about 60.5 million won. This exceeds the salaries of major conglomerates such as Samsung Electronics (54 million won) and Hyundai Motor Company (42 million won). Meanwhile, the Financial Labor Union plans to launch a “100,000 Financial Workers General Strike” on Sejong-daero in Seoul on the 25th if their demands are not met.