Capital Area Banks Shorten Business Hours by 1 Hour Due to Social Distancing Level 2.5 Upgrade

Elevation of Social Distancing to Level 2.5 in the Seoul Metropolitan Area Due to COVID-19 Spread
Measures to Prevent Infection Among Financial Consumers and Bank Employees

The day after the Bank of Korea abruptly cut the base interest rate to a historic low of 0.75% per annum, a bank counter in Seoul appeared quiet on the 17th. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Park Sun-mi] As the third wave of the novel coronavirus infection (COVID-19) leads to the elevation of social distancing measures to level 2.5 in the Seoul metropolitan area, bank branches in the region will also shorten their business hours by one hour.

According to the financial sector on the 6th, the National Financial Industry Labor Union verbally requested the Financial Industry Employers' Council to shorten the business hours of banks in the metropolitan area by one hour no later than the 8th. It is known that the financial authorities, the employers' council, and the financial union will hold related consultations on the 7th of this month. The implementation is expected to take effect from the 8th to prevent confusion among bank customers.

If the reduced working hours are implemented, bank business hours will be shortened by a total of one hour, changing from 9:00 AM?4:00 PM to 9:30 AM?3:30 PM. Banks will open 30 minutes later and close 30 minutes earlier.

Previously, the banking sector had reduced business hours in August to prevent the resurgence of COVID-19.

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