Bank branches to open at 9:30 a.m. from next April under tentative labor deal

The Korea Financial Industry Union and the Financial Industry Employers' Council have agreed to shorten bank branch operating hours by 30 minutes starting next April.

The two sides reached a tentative settlement in their industry-level central negotiations Monday, according to Yonhap. The agreement came five months after talks began in April.

Under the deal, branches will open at 9:30 a.m. instead of the current 9 a.m. The change was driven in part by the need for staff to arrive before the 9 a.m. opening. Closing time will remain at 4 p.m.

The two sides agreed on a 3 percent overall wage increase, with each side making concessions, while management will cover the cost of initiatives such as hiring young workers.

The agreement also introduces a flexible work-start system to support work-life balance, along with a Friday early customer cutoff — known as a "last call" — and a compensatory leave plan.

Parental leave eligibility will be extended to cover employees with children through the sixth grade of elementary school, and reduced working-hour arrangements will continue to apply for those with children in the lower elementary grades.

The relocation of state-owned banks to regional areas was not included in the agreement.