'Corona 4th Wave' Financial Sector Also Gradually Enhances Quarantine Measures... Expands Remote and Rotational Work

Measures Being Prepared in Response to the 4-Stage Elevated Social Distancing in the Seoul Metropolitan Area

Prime Minister Kim Boo-kyum is speaking at the Central Disaster and Safety Countermeasure Headquarters meeting on COVID-19 response held at the Government Seoul Office in Jongno-gu, Seoul on the 9th. At this meeting, Prime Minister Kim announced, "The Level 4 social distancing measures in the metropolitan area will be implemented for two weeks starting from the 12th." Photo by Kim Hyun-min kimhyun81@

[Asia Economy Finance Department] The financial sector, which had hoped for eased social distancing guidelines starting in July, has been put on high alert due to the fourth wave of COVID-19. With a sudden surge in confirmed cases, efforts are underway to prepare countermeasures aligned with the upgraded Level 4 social distancing in the Seoul metropolitan area.

According to the financial sector on the 9th, the Financial Stability Support Group of the Financial Services Commission requested banks yesterday to strictly follow the quarantine authorities' recommendations if social distancing is raised to Level 4 due to the rapid increase in COVID-19 cases.

Accordingly, it has become inevitable for banks to establish strengthened guidelines to comply with the quarantine authorities' recommendations, including refraining from private gatherings and company dinners, avoiding face-to-face events and meetings, limiting use of multi-use facilities, wearing masks indoors, ventilating offices, and utilizing remote work.

In fact, commercial banks had planned to partially ease COVID-19 related work and quarantine guidelines last month in line with the announced relaxation of social distancing by quarantine authorities and local governments, but the decision to raise social distancing to Level 4 in the metropolitan area completely changed their direction.

Shinhan Bank, which had maintained a dual operation and remote work rate of over 15%, was discussing lowering this rate in line with the easing of social distancing, but after the Level 4 upgrade in the metropolitan area, it held an emergency comprehensive situation room meeting to discuss strengthened quarantine guidelines. It is known that Shinhan Bank is considering doubling the dual operation and remote work rate from the existing 15% to around 30-40%. Existing measures such as banning department dinners and outings and controlling external visitors to the head office will be strengthened, including banning external visitors to the head office, and enhancing quarantine activities at branches and the head office to align with the new Level 4 social distancing.

KB Kookmin Bank, which had been conducting remote work at about 30% of headquarters personnel, initially planned to flexibly operate by changing the 'ban' on dinners and private gatherings to 'refrain from' and lowering the remote work rate, but is now preparing strengthened quarantine measures due to the social distancing upgrade. Measures such as ▲banning face-to-face meetings, dinners, and gatherings ▲ limiting waiting customers in lobbies to 10 ▲ conducting training and workshops online ▲ prohibiting movement between buildings and minimizing movement between floors within buildings are likely to be further strengthened. Kookmin Bank is also considering events that provide preferential financial benefits or prizes to encourage COVID-19 vaccination.

Woori Bank is currently applying a 30% distributed work ratio and is reviewing adjustments to this ratio in connection with the new social distancing guidelines. The 30% distributed work ratio at the head office and the application of leave, training, and flexible work at branches are likely to be expanded. Also, after the confirmation of the strengthened social distancing guidelines, they are reviewing changes such as reducing the number of participants in gatherings.

The insurance industry is once again concerned about the contraction of face-to-face sales due to the fourth wave of COVID-19. Remote work is being expanded back to previous levels, and guidelines are being communicated to affiliated agents to refrain from in-person sales visits.

Samsung Fire & Marine Insurance decided to implement remote work for 50% of employees in the metropolitan area and 30% in non-metropolitan areas starting yesterday. This is an increase from the 30% remote work rate that had been eased due to social distancing relaxation.

Hyundai Marine & Fire Insurance recently expanded remote work from one-third of each department rotating to two-fifths, and DB Insurance reduced from a three-shift rotating remote work system to two shifts. Meritz Fire & Marine Insurance has maintained a two-shift rotating remote work system since the early days of COVID-19, and KB Insurance operates remote work and staggered commuting hours.

In the sales field, employees are being instructed to actively use phone calls, text messages, or non-face-to-face marketing instead of customer visits. An insurance industry official said, "As social distancing strengthens, difficulties felt in the sales field increase, such as postponed appointments with customers. Although systems are in place to allow insurance enrollment without meeting agents, explanations and guidance on products inevitably become insufficient."

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