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[wylies99]

Banks to Operate From 9:00 a.m. to 4:00 p.m. From Feb.
http://www.koreatimes.co.kr/www/news/biz/2008/09/123_31353.html

By Lee Hyo-sik
Staff Reporter

Bank management and labor unions have agreed to open branch offices at 9:00 a.m. and close at 4:00 p.m. from next February to better serve customers and reduce overtime for bank employees. Currently, commercial lenders and savings banks open their door at 9:30 a.m. and close at 4:30 p.m., while securities and other financial service companies serve clients from 9:00 a.m. through 4:00 p.m.

The Korea Federation of Banks (KFB), which represents management, and the National Union of the Financial Industry (NUFI) Friday reached a consensus on the adjustment in business hours and other changes in labor conditions.

Both sides said they agreed to open and close bank doors 30 minutes early, beginning February, adding they will meet again on Oct. 2 to hammer out the details.

Besides changing business hours, management and labor representatives agreed to implement a range of measures aimed at discouraging employees from working overtime, including the banning of early and late meetings. Banks currently close at 4:30 p.m., but most bank tellers work into the night to settle transactions.

Management also promised to give either overtime pay or paid-vacation to those who have to work beyond 7:30 p.m. from next June.

A KFB official said the agreements are designed to help banks better compete with brokerage firms that will be able to settle financial transactions after the Capital Market Integration Act goes into effect next year. ``They are also to better serve customers as working hours in most public institutions and enterprises begin at 9:00 a.m. Many clients complain that it is inconvenient because banks open half an hour later,'' the official said.

In May last year, NUFI tried to slash daily operating hours at bank branches by one hour in a bid to reduce the workload for bank employees. It also demanded a 9.3 percent pay increase for regular financial workers and an 18.2 percent raise for non-regular workers, with the extension of the retirement age by two years.

But faced with strong public protests, the plan was withdrawn.

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[sojourner1]

Wow, Korea has really good bankers hours. In America, we call it 9 to 5 and yes, hardly no one actually has a gravy schedule like that.

[Gaber]

How the heck does this "better serve customers". Filthy double speak. I have to sneak out of work 15 mins early to get to the bank as it is. What a piece of poop. In Thailand banks are open at least 6 days a week. now that's customer service. Banks sometimes almost seem like as bigger tyrants as airlines.

[Scotticus]

[IncognitoHFX]

Still better than the 10:30-3:30 back home, but I still can't get to the bank during business hours unless I have a day off.

[Bibbitybop]

My USA bank's hours: 7am to 7pm M-F and 9am to 1pm on Saturdays.


I hated switching to Korea's banking hours when I was with SMOE. I had to take "personal leave" to get to the bank, and 8 hours or more per year resulted in lost vacation time. My school let me go during lunch, but many friends' schools wouldn't.