Metropolitan Area Bank Operating Hours Reduced by 1 Hour... Enhanced Quarantine Measures Including Expanded Remote Work in Financial Sector (Comprehensive)

Due to the Elevation to Social Distancing Level 4,
Bank Operating Hours in the Seoul Metropolitan Area Adjusted to 9:30 AM - 3:30 PM

On the 9th, as the number of new COVID-19 cases reached 1,316, breaking record highs day after day, citizens lined up at the screening clinic set up at the Gangnam-gu Public Health Center in Seoul to get tested. Photo by Jinhyung Kang aymsdream@

[Asia Economy Finance Department] As the social distancing level in the Seoul metropolitan area has been raised to Level 4, bank operating hours have been shortened by one hour, and enhanced quarantine measures such as expanded remote work are being implemented.

According to the financial sector on the 9th, starting from the 12th, bank operating hours in the metropolitan area will be shortened by one hour. The Financial Industry Employers Council, which held a meeting on that day, decided to temporarily shorten bank operating hours in the metropolitan area to prevent the spread of COVID-19 from expanding into a nationwide pandemic and to protect financial consumers and financial workers from infection.

Accordingly, during the Level 4 social distancing period in the metropolitan area from the 12th to the 23rd, bank operating hours will be shortened by one hour from the previous 9:00 AM to 4:00 PM to 9:30 AM to 3:30 PM. The implementation areas include all metropolitan areas such as Seoul, Gyeonggi, and Incheon. In non-metropolitan areas, the same measures will be implemented regionally when social distancing Level 3 or higher is enforced.

Commercial banks had planned to partially ease COVID-19 related work and quarantine guidelines in line with the quarantine authorities and local governments' announcement of easing social distancing last month, but the decision to raise the metropolitan area's social distancing to Level 4 completely changed their direction.

Shinhan Bank, which had maintained a dual operation and remote work ratio of over 15%, was discussing lowering this ratio in line with the easing of social distancing, but with the Level 4 upgrade in the metropolitan area, it decided to increase the dual operation and remote work ratio from the existing 15% to around 30-40%. External access to the headquarters in Jung-gu, Seoul changed from 'controlled' to 'prohibited,' and the headquarters cafeteria will also cease operations.

Hana Bank changed the existing dispersed work ratio in headquarters departments from 'over 30%' of total department staff to 'over 40%.' The active restraint of face-to-face meetings and the previous limit of fewer than 10 people and '50% of capacity' in unavoidable cases was strengthened to '30% of capacity.' Other existing measures such as prohibiting attendance of employees with suspected symptoms, self-quarantine before receiving test results, prohibition of gatherings (including employee gatherings and business meetings), mandatory temperature checks twice daily with mandatory reporting of abnormalities, and mandatory mask-wearing will be maintained.

KB Kookmin Bank, which had been conducting remote work at about 30% of headquarters staff, initially planned to relax the ban on dinners and private gatherings to 'refrain' and reduce the remote work ratio for flexible operation, but with the social distancing upgrade, it introduced strengthened quarantine measures again. The recommendation for 30% remote work among headquarters staff was strengthened to mandatory implementation, and the previous 'refrain' on dinners and gatherings was raised to 'prohibited.' Kookmin Bank is also considering events that provide preferential financial benefits or prizes to encourage COVID-19 vaccination.

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

Insurance and Card Industries Expand Remote Work... Hyundai Card at 70% Remote Work

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 instructions are being given to affiliated agents to refrain from in-person sales visits.

Samsung Fire & Marine Insurance has 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 after easing the remote work ratio to 30% 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 its three-shift rotating remote work 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.

In the sales field, they are encouraging the use of phone calls, text messages, or active 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 there is a system to subscribe to insurance without meeting agents, explanations and guidance on products inevitably become insufficient."

The card industry is also strengthening work quarantine guidelines.

Shinhan Card and Samsung Card are discussing measures to strengthen existing quarantine levels. Currently, Shinhan Card's remote work ratio is about 20%, and Samsung Card implements staggered commuting with pregnant employees working remotely. KB Kookmin Card also operates a comprehensive COVID-19 response team and conducts remote work at about 30%, with plans to review changes in remote work ratios depending on the situation. Hyundai Card has increased the remote work ratio for all headquarters employees from 50% to 70%. Additionally, employee health status is monitored once or twice daily.

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