COVID-19 Social Distancing Level 2.5... Highest Level of Quarantine Measures in the Financial Sector

Reduced Branch Business Hours from the 8th
Expansion of Remote Work in Banking, Card, and Insurance Industries

On September 1, when bank operating hours in the Seoul metropolitan area were shortened to prevent the spread of the novel coronavirus infection, a notice informing customers of the reduced hours was posted at the Kookmin Bank branch in Yeouido, Seoul. Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporters Sunmi Park, Hyungil Oh, Hayoung Ki] The financial sector has significantly raised its quarantine measures to curb the spread of the novel coronavirus (COVID-19). This move follows the government's announcement to uniformly elevate the social distancing level in the metropolitan area from 2.0 to 2.5 and in non-metropolitan areas to level 2 starting from the 8th of this month.

According to the financial sector on the 7th, bank branch operating hours will be shortened starting from the 8th. The National Financial Industry Labor Union had previously made a verbal request to the Financial Industry Employers Council to reduce the operating hours of metropolitan area banks by one hour. Based on this, the financial authorities, the Financial Industry Employers Council, and the financial labor union are currently conducting related consultations.

The operating hours of bank branches will be shortened by a total of one hour, from the previous 9:00 AM to 4:00 PM schedule to 9:30 AM to 3:30 PM. This measure follows the agreement made in August between the Financial Industry Employers Council and the financial labor union to shorten bank operating hours when social distancing reaches level 2.5. Previously, in September, bank branches also operated one hour shorter during the same hours to prevent the resurgence of COVID-19 and to protect financial consumers and workers from infection. Due to the expansion of non-face-to-face services in the banking sector, consumer confusion caused by the shortened branch hours was considered minimal.

Shinhan Bank "Expanding Work-from-Home Staff to 30%"

In addition to shortening operating hours due to the elevation to social distancing level 2.5, the banking sector plans to expand the number of employees working from home and practicing staggered shifts. NH Nonghyup Bank is currently reviewing the expansion of staggered work through call center work-from-home arrangements. Among the staff at call centers in four regions?Yongsan, Yangjae, Daegu, and Gwangju?10% have been working from home. However, due to signs of a third wave of COVID-19, the work-from-home ratio was increased to 20% from the 25th of last month, and discussions are underway to further expand it to around 30% starting this week.

Shinhan Bank will increase its dual operation and work-from-home staff from the current 15% to 30% in line with the implementation of level 2.5. The head office cafeteria will also temporarily cease operations and switch to a system using only take-out lunch boxes.

KB Kookmin Bank, which has already implemented enhanced quarantine policies equivalent to level 2.5, will maintain its current policy of operating with 30% of staff working from home or in staggered shifts for the time being. However, if social distancing is further elevated, it plans to expand these measures. Woori Bank will also maintain its existing system, which increased staggered work staff from 20% to 30% since the 24th of last month, while strengthening guidance to minimize unnecessary gatherings, dinners, and group events among employees as part of its quarantine measures.

Insurance and Card Companies Also Hold Emergency Meetings
Hanwha Life Expands Work-from-Home Staff to Half at Level 2.5

A financial sector official said, "Banks have already implemented all possible measures such as access control and enhanced quarantine since COVID-19 level 2." He added, "If the situation worsens, additional measures such as staggered commuting, work-from-home, and expanded workforce dispersion at headquarters can be considered, and branches may accompany this with reduced operating hours and intensified internal disinfection and quarantine."

Insurance and card companies have also entered emergency meetings. Hanwha Life has decided to expand the number of employees working from home from one-third to half of all employees starting at level 2.5. Kyobo Life plans to strengthen measures such as mandatory mask-wearing, staggered commuting, and elevator occupancy restrictions, which have been in place since level 1. Samsung Life will also enhance quarantine measures for employee health, including banning dinner and limiting lunch groups to four or fewer.

The card industry has already implemented distancing between seats, installation of partitions, and separated work shifts for call center staff. With the elevation of social distancing, they are now preparing measures to minimize contact among office workers. Currently, Shinhan Card has 20% of its staff working from home, and KB Kookmin Card is conducting work-from-home for at least 30% of its employees.

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