Financial analyst schedules now flexibleFinancial analysts can now make their own hours as another job category is added to the list of jobs for which flexibility must be offered.
The occupation is already one exempt from the required 52-hour workweek, which applied to financial services this month. Previously, the workweek had been 68 hours.
The shorter workweek had been suspended for a year for the financial industry, as there were concerns that it could have a negative impact on customer service.
Starting today, financial company analysts and fund managers will be able to work at their own discretion.
As analysts and fund managers were not included in the shorter workweek, there was growing demand to apply discretionary working hours.
According to the Ministry of Employment and Labor on Wednesday, people doing these jobs will be able to work when they want and where they want.
Occupations in which discretionary hours are permitted are exempt under presidential orders. With the addition of the two new jobs, a total of 14 are now in the category.
These jobs are those requiring long working hours, including researchers, designers, accountants and reporters as well as those related to IT, fashion, movies and television.
“We have considered the fact that these are people who analyze and forecast industry and market trends and manage client assets through their own analytical strategy and means, and therefore they can do their jobs at their own discretion,” said a ministry official. “These are jobs where the wages are paid not by the quantity of their work but by the quality and performance and therefore meet the conditions for the discretionary work.”
As of June this year, the country had 1,029 financial investment analysts and 16,074 fund managers registered by the Korea Financial Investment Association. The association estimates 5,500 to 6,000 to be working.
Under the new guideline, the employers will be violating the law if they require analysts and fund managers to work set hours. They are also forbidden from holding frequent meetings, which is the same as setting working hours.
The discretionary work system does not mean total freedom.
Depending on the job, including the purpose and context, the company can order the employee where to work. The employees must also keep time sheets, detailing when they started work and when they finished and a schedule of meetings and trips.
BY LEE HO-JEONG [email@example.com]