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Biz News Korea(Eng)

Samsung’s financial units rationalize working hours

Collected: 2017.03.11

Distributed: 2017.03.13

Source: Go Direct

In the first show of management independence from group-wide policy, executive-level employees of Samsung financial companies from Monday report to work in the usual business morning hour of 8 or 9 a.m. instead of 6:30, the universal morning starting hour for Samsung executives imposed since July 2012.

According to industry sources on Friday, Samsung Life Insurance Co. along with its other financial affiliates under South Korea’s largest conglomerate decided to abolish a practice mandating its senior executives to show up at work by 6:30 and instead have them start the day like other employees at 8 or 9 in the morning depending on internal rules.

Starting work before anyone else had been Samsung’s unique work code devised by the Future Strategy Office.

Following the arrest of de facto leader Jay Y. Lee and Samsung’s implications in bribery charges associated with the president and her friend, Samsung Group pledged to dismantle the group’s top decision-making division Future Strategy Office and free individual companies from group orders.

Instead of the group, Samsung companies will be run under mainstay names Samsung Electronics, Samsung Life Insurance, and Samsung C&T.

Since markets and bank hours start from 9:00, it makes more sense for senior members to start the day around that time, said one insider source.

By Park Joon-hyung

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