Labor and management in the financial sector are starting full-fledged talks on introducing a "4.5-day workweek."
According to the Korean Financial Industry Union on the 3rd, the union reached an agreement the previous day with the Financial Industry Employers Association to form a task force (TF) to introduce a 4.5-day workweek.
The plan to form the TF for introducing a 4.5-day workweek was included in the "tentative agreement for 2025 industry-wide central bargaining" drawn up by the union and the employers association the previous night.
It was reported that in 2025 the TF will collect and organize topics and materials needed to introduce a 4.5-day workweek, and will move to substantive talks on adopting the system in the 2026 industry-wide bargaining.
The union said, "It is as if labor and management in the financial sector have officially declared a joint goal of 'reducing working hours,'" and added, "We have opened the possibility of institutionalizing a new working system, the 4.5-day workweek, going beyond a simple adjustment of working conditions."
Meanwhile, the tentative agreement for 2025 industry-wide central bargaining also includes a 3.1% wage increase and implementation of a one-hour shortened workday on Fridays.