Lee Yeon-woo is a financial journalist at The Korea Times. Her wide range of reporting includes policies, macroeconomics, stock market, companies and even crypto. She is passionate about connecting the dots in Korean finance and making it easier for foreign nationals to understand. Based on her previous experience as a national reporter, she also has a keen interest in social issues within the sector, including gender equality and ESG. Your tips and insights are always appreciated. You can send them to yanu@koreatimes.co.kr.
Financial worker union's push for 4.5-day workweek gains traction amid gov't backing
Members of the Korean Financial Industry Union protest in front of the Financial Supervisory Service's headquarters in Seoul, in this September 2022 photo. Yonhap
By Lee Yeon-woo
Demand for shorter working hours is growing within the financial sector following President Lee Jae Myung's pledge to introduce a 4.5-day workweek, industry officials said Wednesday.
The Korean Financial Industry Union (KFIU), which represents labor unions at major commercial banks and the state-owned Korea Development Bank, recently announced a general strike scheduled for Sept. 26 to call for the introduction of a 4.5-day workweek.
Union representatives argue that the new system could help address the country’s low birth rate and ease burdens related to childcare and education, while also boosting domestic consumption.
They also claim that the financial industry should once again lead the shift in work culture, noting that the sector was the first to adopt the five-day workweek in 2002.
"The 4.5-day workweek proposed by the union is not just for financial sector workers. It marks the beginning of a broader shift toward restoring work-life balance and improving overall well-being across society," said Kim Hyung-sun, the head of the union. "The overwhelming 94.98 percent approval rate (for the strike) reflects a collective desire for better working conditions and quality of life."
The KFIU threatened a strike last year over similar demands, though plans were ultimately withdrawn at the last minute.
This year, however, the movement is gaining momentum as it aligns with a key government initiative. The Lee administration has earmarked 32.5 billion won ($23.33 million) in next year's budget to support companies adopting a 4.5-day workweek and to promote work-life balance through child care and family support programs.
Still, public concerns persist that reduced working hours could lead to shorter branch operating times, causing inconvenience for customers. Many also believe that bank employees are already well-compensated and enjoy relatively short working hours compared to workers in other sectors.
"Even now, bank counter hours are so short that many people have to leave work early to take care of financial matters," said a 55-year-old office worker who asked to be identified only by her last name, Seo. "It also remains uncertain whether other industries would follow suit if the financial sector were to adopt a 4.5-day workweek."