8 months ago
South Korea Moves Toward 4.5-Day Workweek
South Korea is trying to make the workweek shorter.
Some big banks like KB Kookmin Bank are starting to let workers leave one hour early on Fridays.
This means they will work a 4.9-day week.
Other banks are also planning to do this soon.
The computers at the office will automatically turn off at 5 PM on Fridays.
Workers will still get paid the same amount.
The goal is to make South Korea's work hours more like other countries in the OECD.
Right now, people in South Korea work about 1,879 hours a year, which is more than 100 hours extra compared to other countries.
The plan is to reduce this to 1,700 hours by 2030.
This change is also meant to help people have more time with their families and be more productive.
KB Kookmin Bank has agreed with its labor union to introduce a 4.9-day workweek, allowing workers to leave early on Fridays.
Other banks like NH NongHyup, Shinhan, and Hana are also planning to implement similar arrangements.
Office computers will automatically shut down at 5 PM on Fridays, one hour earlier than usual.
Wages will not be affected by the shorter work hours.
The initiative aligns with President Lee Jae-myung's pledge to reduce South Korea's average annual work hours to 1,700 by 2030, matching the OECD average.
- Who
- KB Kookmin Bank, NH NongHyup Bank, Shinhan Bank, Hana Bank, South Korean government
- What
- Implementation of a 4.9-day workweek with early closure on Fridays
- Where
- South Korea
- When
- Planned implementation as early as this month for some banks, awaiting final approval for others
- Why
- To reduce work hours, promote work-life balance, and align with OECD average work hours by 2030
Key facts
- Bank
- KB Kookmin Bank
- Workweek Change
- 4.9-day workweek
- Early Close Time
- 5 PM on Fridays
- Wage Impact
- No change in wages
- Current Annual Work Hours
- 1,879 hours
- Target Annual Work Hours by 2030
- 1,700 hours
- OECD Average Annual Work Hours
- 1,700 hours
Quotes
An official from one of the banks
A representative from a South Korean bank implementing the new workweek system
“wages will not be affected due to the shorter work hours.”
firstpost.com
