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 moving policy banks and other financial institutions to local areas has emerged as a key point of contention.
The Financial Unions maintain that before proceeding with the second relocation, the effects of the first phase of public financial institution relocation must be properly verified.
Yoon Seok-gu, president of the Financial Unions, stated at yesterday's "Sept. 4 First General Strike Press Conference" held at the Bankers' Association 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 consider whether dispersing financial institutions such as the Korea Development Bank, Industrial Bank of Korea, Export-Import Bank of Korea, and NH Nonghyup truly enhances national competitiveness."
He further emphasized, "First, we must properly verify the results of the first relocation, fully assess its impact on the financial industry and national competitiveness, discuss with relevant parties, and then make a decision."
Although the government's announcement yesterday regarding plans for local relocation excluded policy banks and other financial institutions, the union will maintain its existing stance as the possibility of their 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 strong among members of 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, disruptions to operations due to this general strike are expected to be limited.
Previously, on Aug. 12, the Financial Unions secured the right to take industrial action after a vote on whether to proceed with such measures, in which 68,878 out of 87,287 members participated, with 96.05% voting in favor.
in FINANCE
