The financial sector has reached a final agreement to expand youth internship recruitment by approximately 10,000 positions and adjust bank operating hours. Starting in April 2027, banks will open at 9:30 a.m., 30 minutes later than the current 9:00 a.m. start time.
On October 6, the Financial Industry Users Council and the National Financial Industry Labor Union held their fifth collective bargaining meeting, finalizing the '2026 Wage Agreement and Collective Agreement.' This conclusion comes after about six months of negotiations that began with an introductory meeting on April 13. A total of 58 rounds of negotiations took place this year.
The wage increase rate was set at 3.0% of total wages. However, each institution's labor and management will determine the specific increase based on their operational environment and circumstances.
Funding for job expansion will also be established. The financial labor and management have agreed to use 0.75% of total wages to expand youth internship recruitment by about 10,000 positions, along with increasing job training and work experience opportunities.
Additionally, 0.25% of total wages will be contributed to the Financial Industry Public Interest Foundation. This funding will support job creation initiatives for youth and middle-aged individuals, with a focus on entrepreneurship support projects in collaboration with the bank-affiliated youth entrepreneurship foundation, D.CAMP. However, public financial institutions will be excluded from separate agreements related to job expansion and social contributions.
The adjustment of bank operating hours has also been finalized. The financial labor and management have agreed to maintain the current five-day workweek while adjusting the opening time to 9:30 a.m. starting in April 2027. Each institution may set different operating hours based on their characteristics, and measures such as flexible branches, flexible work systems, and enhancements to personnel and IT systems will be implemented to minimize customer inconvenience. The banking sector will prepare specific enhancement plans for each institution before implementation.
If the workweek changes to a 4.5-day system, the operating hours will be re-evaluated to consider customer convenience.
Work arrangements to support work-life balance will also be revised. Employees will be able to utilize a 'work-life balance flexible start time system,' allowing them to start work within 30 minutes of their scheduled time, up to one hour per week. If they do not use the early leave option on Fridays, they can accumulate that time for up to two days of compensatory leave annually.
The financial labor and management also agreed not to reflect the results of mystery shopping conducted by the Financial Supervisory Service in management evaluations and not to penalize employees based on the results of the banks' own mystery shopping. If laws regarding retirement age are amended, a labor-management task force will be formed within one month to discuss wage and job systems, personnel management, and youth recruitment strategies.
* This article has been translated by AI.
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