Financial Union and Management Agree on 'One-Hour Shorter Workday on Fridays'... Management: "Bank Business Hours Unchanged"

The Financial Industry Labor Union (Financial Union), which launched a general strike demanding the adoption of a 4.5-day workweek, has reached a tentative agreement with management to implement a one-hour reduction in working hours on Fridays.

Members of the Financial Industry Labor Union (Financial Union) urged for a real wage increase and a 4.5-day workweek during the September 26 general strike resolution meeting held on the 26th of last month at Sejong-daero, Jongno-gu, Seoul. Photo by Yonhap News

According to the financial sector on October 4, the Financial Union and the management, represented by the Financial Industry Employers Association, prepared a tentative central collective bargaining agreement for 2025 on October 2. The agreement includes a one-hour reduction in working hours on Fridays and a 3.1% wage increase.

However, management clarified that the reduction in Friday working hours is separate from bank business hours, which will remain unchanged. The Financial Industry Employers Association emphasized, "The agreement on leaving work one hour early on Fridays is based on maintaining current business hours and will be implemented autonomously by each institution according to its circumstances."

In addition, regarding the 4.5-day workweek, which the Financial Union cited as the justification for the strike on September 26, labor and management have agreed to form a task force to continue discussions in the future.