Seoul:Banks in South Korea are set to open at 9:30 a.m. instead of 9 a.m. starting April next year, following a new labor-management agreement.
According to Yonhap News Agency, the decision comes after discussions that began in April between a financial industry workers' umbrella labor union and a management organization. The agreement includes a 30-minute delay in opening hours, though closing times will remain at 4 p.m.
Additionally, the agreement stipulates a 3 percent wage increase and the implementation of flexible working hours for bank employees. However, the agreement does not address the labor union's request to halt government plans to relocate state-run banks to provincial areas.