Bank Branches to Open 30 Minutes Later as Labor and Management Reach Agreement on 3% Wage Increase

Starting in April 2027, bank branches will open 30 minutes later. The National Financial Industry Labor Union and management have reached a tentative agreement to push back opening times from 9 a.m. to 9:30 a.m. As a result, the second planned strike by the financial union on September 30 has been canceled.

According to the financial sector on September 28, the financial union and management established a tentative agreement during central negotiations that includes a 3% wage increase and a reduction in branch operating hours.

Both parties agreed to delay the opening time of bank branches to 9:30 a.m. starting in April 2027, while keeping the closing time at 4 p.m. This adjustment means that bank operating hours will be from 9:30 a.m. to 4 p.m.

A representative from the financial union stated, "With the tentative agreement in place, we have decided not to proceed with the second planned strike on September 30." The negotiations reached a resolution just before the strike, as both sides found common ground on key issues such as wage increases and work hour reductions.

The agreed wage increase rate was set at 3%, with both sides making concessions. Additionally, management will bear the costs for hiring new young employees.

The tentative agreement also includes provisions for the establishment of a flexible start time system (one hour per week) to promote work-life balance, the introduction of a last call system on Fridays, and expanded parental leave eligibility to include sixth-grade elementary school students.

Furthermore, the process of mystery shopping to evaluate the sales of financial products will be excluded from management evaluations, ensuring that employees are not penalized for it.

The financial union will hold an emergency meeting of branch representatives on the afternoon of September 29 to explain the details of the tentative agreement. Following internal procedures, a final agreement is expected to be confirmed.

Yoon Seok-gu, chairman of the financial union, informed branch representatives in a notice, "We have agreed to a 3% wage increase and a 30-minute reduction in bank operating hours," noting that this is the first time since the establishment of the country.