South Korea's financial-sector union and employers have reached a tentative industry-wide agreement that includes a 3% wage increase and a 30-minute reduction in bank business hours. The deal was reached on September 28 after about five months of negotiations that began in April.
Under the tentative arrangement, bank opening time would move from 9 a.m. to 9:30 a.m. from next April. The reported agreement shortens the customer-facing day by changing the morning opening time rather than moving the closing time earlier. The new schedule is planned to take effect across participating banks in April 2027.
Effect on branch customers
For customers who still rely on branches, the change would narrow the morning window for in-person banking. The impact will vary by institution and service, especially as a growing share of routine transactions has already moved to mobile and online channels.
For employees, the later opening is tied to working conditions and preparation time before branches open. The union described the agreement as the first reduction of this kind in bank business hours since the country's founding, while the wage portion sets a 3% total-pay increase.
The settlement remains tentative until the parties complete their internal procedures. Banks will also need to communicate the new schedule before the planned April start so customers who use branches for cash, documents or face-to-face services can adjust their visits.