The finance industry has begun to take action to limit the working hours of its employees following growing concerns about health risks from overwork.
The Wall Street Journal reported on the weekend that JPMorgan Chase was limiting the weekly hours of junior investment bankers to 80.
While this is still the equivalent of more than 11-hour days, seven days a week, it one of the first signs of tangible action to break the culture of “face time” in the industry.
The issue has sparked renewed debate after a 35-year-old Bank of America employee died from a coronary blood clot after working multiple 100-hour weeks.
Since the death, the Bank of America has reportedly implemented a new timekeeping system requiring junior associates to describe their hours in more detail.
The global debate about reasonable working hours has also been fuelled by the introduction in Australia last month of “right to disconnect” laws that restrict outside hours contact with employees.
Employees of businesses employing 15 or more people now have the right to refuse to monitor, read or respond to contact (or attempted contact) outside their working hours unless that refusal is unreasonable.
Whether a refusal is unreasonable will depend on the circumstances. The following factors must be considered:
- The reason for the contact
- The nature of the employee’s role and level of responsibility
- The employee’s personal circumstances
- How the contact is made and how disruptive it is to the employee
- Any relevant extra pay or compensation they receive for working additional hours or remaining available to work out of hours
For employees of small businesses, the right to disconnect does not start until August 26, 2025.
An employer can be liable for penalties of up to $18,780 for an individual or $93,900 for a body corporate if that breach a Fair Work Commission order in relation to the right to disconnect.
More information about the Right to Disconnect is available on the Fair Work Ombudsman’s website.
