Japanese bank Mizuho Financial Group is reportedly planning to allow its employees to work shorter weeks on a reduced pay amid the Covid-19 pandemic.

The bank is looking to offer a work-week of three or four days to employees on lesser pay, Bloomberg reported.

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Mizuho is currently in discussions with the labour unions to implement the plan, which is anticipated to be introduced from December this year.

The plan, which was confirmed by Mizuho Financial Group CEO Tatsufumi Sakai at an event earlier this week, was introduced as the bank assesses the post-pandemic work-life.

Mizuho may roll out its shorter working week programme across six of its businesses, including commercial bank, trust bank, and brokerage.

This could affect as many as 45,000 employees, the report added.

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Employees who choose a three-day workweek will receive 60% of their normal salary, and those who choose four days will get 80% pay.

This plan will particularly benefit employees who want to spend more time on child care, nursing care or education, Bloomberg said.

Additionally, the Tokyo-based bank is also planning to trim its office space in New York and London, as it expects employees to continue working from home even after the pandemic ends.

Meanwhile, in Japan, only about 20% of its employees are currently working from home as there are a low number of infections in the country.

Mizuho has been trying to cut costs by cutting jobs, introducing digital technology and streamlining operations.

According to a ten-year plan, the bank is aiming to reduce its headcount by 19,000 employees via natural attrition, by March 2027.