The National Federation of Financial Industry Workers (Financial Unions) will launch a general strike on the 4th. With labor and management failing to narrow their differences over the introduction of a 4.5-day workweek and wage increases, tensions have escalated further due to conflicts surrounding the relocation of financial institutions, including policy banks, to local regions.
According to the financial sector on the 4th, the Financial Unions will participate in a general strike by financial workers from 11:30 a.m. to 3 p.m. at Sejong University in Gwanghwamun, Seoul.
The Financial Unions' demands include shortening working hours through the introduction of a 4.5-day workweek, halting the relocation of financial institutions to local regions, and increasing real wages. The union initially demanded an 8% wage increase but lowered it to 6%, while management has maintained its offer at around 2.5%.
As the government pushes forward with the second phase of relocating public financial institutions, the issue of relocating financial institutions, including policy banks, has emerged as a major point of contention.
The Financial Unions maintain that the effects of the first phase of relocating public financial institutions must be properly verified before proceeding with the second phase.
Yoon Seok-gu, chairman of the Financial Unions, stated at yesterday's "the 4th First General Strike Press Conference" held at the Bankers' Hall in Jung-gu, Seoul: "The financial industry is one where enterprises, financial companies, policy financial institutions, supervisory bodies, and professionals gather closely to share information and make rapid judgments; integration and collaboration are crucial." He added, "We must examine whether scattering financial institutions such as the Korea Development Bank, Industrial Bank of Korea, Export-Import Bank of Korea, and NH Bank truly enhances national competitiveness."
He further emphasized, "First, we must properly verify the results of the first relocation, fully consider its impact on the financial industry and national competitiveness, discuss it with the relevant parties, and then make a decision."
Although the government's announcement yesterday regarding plans for local relocation excluded financial institutions, including policy banks, the union will maintain its existing stance as the possibility of relocation remains.
The Financial Unions estimate that more than 20,000 members will participate in the general strike based on preliminary counts. It is expected that participation will be particularly high among members from the three major policy banks targeted for relocation: Korea Development Bank, Export-Import Bank of Korea, and IBK Industrial Bank of Korea. However, for commercial banks, business disruptions resulting from this general strike are expected to be limited.
Previously, the Financial Unions secured the right to take industrial action after a vote on whether to proceed with the dispute held on the 12th, in which 68,878 out of 87,287 members participated, with 96.05% voting in favor.
in FINANCE
