'Using 2-3 Days Separately, Overseas Trips Out of the Question' How COVID-19 Changed Bank Vacation Patterns

Changes in Bank Vacation Culture Due to COVID-19
Can Use 5 Consecutive Days but Mostly Taken in 2-3 Day Splits
Must Report When Traveling Abroad... Practically Can't Go Due to 2-Week Self-Quarantine

On the 1st, a small business owner affected by the spread of the novel coronavirus (COVID-19) is receiving loan consultation at a commercial bank in Seoul, where a bank loan product was launched for small business owners impacted by the pandemic. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Kim Min-young] The novel coronavirus infection (COVID-19) is changing the vacation culture in the banking sector. Instead of the hard-to-establish '5 consecutive business days' vacation in conservative banks, the number of bank employees taking vacations split into 2-3 days has greatly increased. In particular, overseas travel, which requires a two-week self-quarantine after returning, has become virtually a dream.

According to the banking sector on the 14th, major banks operate vacation systems that guarantee 5 or more days of annual leave. Including the weekends before and after, employees can rest for at least 9 days.

Shinhan Bank operates the Wel Pro vacation system, which allows up to 10 consecutive business days of leave. It was introduced to improve work efficiency through proper rest. Originally, employees could split the ten days into several uses per year, but this year, due to COVID-19, they can use it in divided periods without any limit on the number of times.

Woori Bank also introduced the Together Vacation system in 2018 and made it mandatory to use 5 days of annual leave. However, this year, due to COVID-19, employees are allowed to take 5 consecutive days or split the leave into 2-3 days. Although it is recommended to take 5 days consecutively, it is reported that few employees are willing to take as long as 9 days off.

KB Kookmin Bank offers 5 days of paid leave under the name of self-development vacation, and Hana Bank also has a Refresh Vacation system, providing employees with 5 special paid leave days and 10 days of annual leave. NH Nonghyup Bank provides 5 days of mental and physical training leave in addition to the mandatory annual leave days under the Labor Standards Act.

However, this year, due to COVID-19, employees are not able to properly use their annual leave. A bank official said, "The HR department encourages taking 5 consecutive days off, but because there are no suitable travel destinations due to COVID-19, not many employees take 5 consecutive days." Many used to spend their vacations abroad, but with outbound travel blocked, they are replacing vacations with short domestic trips to places like Jeju Island or Gangwon Province, or simply resting at home. Another bank employee said, "This summer, I plan to quietly take a vacation with my family at a resort in Gangwon Province."

In particular, banks have issued recommendations to refrain from overseas travel during the period when the Ministry of Foreign Affairs has issued a special travel advisory until the 19th.

One bank instructed that overseas travel requires reporting to group representatives such as vice presidents, executive directors, and managing directors (for branches, the regional group representatives) before proceeding. Although it is customary not to ask where employees go or what they do during vacations, this is an extraordinary measure taken due to the COVID-19 situation. Banks require employees who travel abroad to self-quarantine for two weeks upon return. How the quarantine period is treated as leave varies by company: Bank A and Bank B require employees to use their personal annual leave, while Bank C treats it as a special leave.

A banking sector official said, "Considering the travel period and self-quarantine combined, employees would have to be absent for about 3-4 weeks, so it is expected that almost no employees will travel abroad during this summer vacation."

This content was produced with the assistance of AI translation services.