With public servants scheduled to adopt a five-day workweek starting next year, the prediction is the nation's financial institutions may follow suit.
Following last week's passage of the five-day workweek for civil servants starting Jan. 1, 2001, Minister of Finance Shea Jia-dong (
"Since the work schedule of the securities industry and commercial banks are closely tied, the commercial banks, the stock market and the foreign exchange market may also adopt the five day workweek," he said.
However, according to the Banking Law, financial service industry holidays are determined by the Ministry of Finance (
"Two-days off per week for public servants might affect the productivity and competitiveness of all industries," said, deputy finance minister Chen Chung (陳沖). "Taiwan's annual holiday leave is among the highest in Asia. How this will effect Taiwan's economy demands further evaluation."
The revised work schedule is consistent with international trends, since the US adopted a five-day workweek in 1933 and Japan in 1992.
Civil servants in Taiwan have had two five-day workweeks per month since 1998.
Economic Minister Lin Hsin-yi (林信義) also expressed concern over the two-day weekend for public servants and its effect on traditional industries, saying he was "very upset and discouraged."
Lin said trading prices of 253 of the 700 listed securities have already dropped below their net worth -- proof, according to Lin that insufficient capital and manpower have hurt the profitability of traditional industries.
"The five day workweek is a future target. I support the two-day off a week plan too. But it should be implemented step by step, in order to minimize the impact on industry," said Lin.
KMT Legislator Liu Kuang-hua (
"Before this, lawmakers had to worry about causing too big an impact on the private sector. After the Labor Standards Law was revised, we believe the five-day workweek measure for civil servants was the next logical step," Liu said.
Though a five-day week has become the norm for many businesses in the private sector, most traditional labor-intensive industries have not followed suit.
A five-day workweek every other week for laborers was implemented so that they had similar benefits to civil servants.
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