STRATEGIC PARTNERS
June 3, 2002
SEOUL, South Korea -- South Korean banks plan to make ATMs available free of charge for customers every Saturday, in an effort to minimize inconvenience stemming from the introduction of a shortened workweek for bank employees, according to the Korea Herald News.
During Saturday business hours from 9:30 a.m. to 1:30 p.m., bank customers will be able to use ATMs free of charge. However, the daily limit for Saturday cash withdrawals will be below 7 million won (US $5,800), which is the limit for cash withdrawals on weekdays.
Last month, representatives from 26 financial institutions and labor leaders from the Korea Financial Industry Union (KFIU) signed a final agreement on the introduction of a five-day workweek and other issues, including a pay raise.
Under the agreement, workers will take 26 additional Saturdays off, since they already take every other Saturday off. In exchange for a five-day workweek, the KFIU agreed to give up the one-day-per-month leave (12 days a year), eight days of paid annual leave and the six-day special annual leave for physical training.
To compensate for the shorter workweek, banks plan to set up more ATMs and encourage customers to use Internet banking services, instead of visiting brick-and-mortar branches.
Some banks have also said they will keep their main branches open on Saturdays even after the introduction of the five-day workweek.
