It is hard to pinpoint how time is perceived in Korea because every person has a different pace of living. Some people like being on time, some people are always late, and some people like being early. However, I think that there is a difference in how people approach time when it is with work/professional settings versus relaxed/casual settings.
Being punctual to work puts a positive impact on the person. I think that it is a sign of reliability and professionalism. No higher authority would want to see someone who is constantly late to work. On the other hand, when workers gather after work to drink, eat and talk, there is no set time on when to leave. This gathering is called a 회식 and it is prevalent with most jobs. When people gather together after work, people continue to drink until they cannot continue (usually at dawn). People do not say beforehand when the gathering is going to end.
In casual settings, like meeting with friends, some people tend to be late because there is no straint on being punctual. When late however, the person should update the other person.
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