Lee Bok-hyun "Bank unions oppose business normalization, doubtful if the public will accept"

Pressure to Normalize Operations of Commercial Banks

On the 26th, Lee Bok-hyun, Governor of the Financial Supervisory Service, is delivering opening remarks at the meeting between the Governor of the Financial Supervisory Service and insurance company CEOs held at the Life Insurance Education and Culture Center in Seoul. Photo by Heo Young-han younghan@

[Asia Economy Reporter Minwoo Lee] Financial Supervisory Service (FSS) Governor Lee Bok-hyun questioned whether the public would accept the major banks' labor unions' opposition to reverting business hours back to 9 a.m. to 4 p.m., which was the schedule before COVID-19.

Governor Lee emphasized this during a meeting with reporters after a CEO roundtable held on the 26th at the Life Insurance Education and Culture Center in Jongno-gu, Seoul. He began by saying, "Basically, I understand that the management side has reviewed the relevant legal matters before deciding their position, and I am cautious about commenting on the stance taken by the labor unions representing the workers."

He continued, "However, from a common-sense perspective, if there is opposition to normalizing the reduced business hours that were shortened due to COVID-19 for other reasons, I doubt whether the majority of the public would accept or understand that. Also, considering this, I hope the unions would reconsider whether their strong opposition to the management's legally based decision aligns with common sense."

Earlier, banks shortened business hours by one hour, operating from 9:30 a.m. to 3:30 p.m. at some branches starting February 2020. This was a measure in line with the government's 'social distancing' policy to prevent the spread of COVID-19. However, even after social distancing measures were lifted in April two years later, business hours were not restored. This was due to an agreement between banks aiming to reduce offline branches and unions wanting to shorten working hours.

In response to ongoing backlash from financial consumers, financial authorities appear to be pressuring for the normalization of business hours. On the 15th, the Financial Industry Employers Council, a user organization, sent an official letter to member banks instructing them to change business hours from 6 to 7 hours starting from the 30th, coinciding with the lifting of the indoor mask mandate.

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