Following an agreement between the bank’s management and its labor union, Woori Bank will begin phasing in the new policy in October. Teams or branches that require assistance will be reinforced with more employees, according to the bank.
Banks with 300 employees or more, including Woori Bank, have a one-year grace period to phase in the new government policy, which ends in July next year. Woori Bank employed 14,024 staff members as of end-June.
After the deadline, employers that fail to comply are subject to up to two years’ imprisonment and fines of up to 20 million won ($18,000).
By Son Ji-hyoung