Korean Financial Workers Launch General Strike
The Korean Financial Industry Union held a large-scale rally around Sejong-daero in Gwanghwamun, Seoul, on Sep. 4 and launched a general strike. This is the result of labor and management ultimately failing to find common ground on core demands, such as the introduction of a 4.5-day workweek and the
On September 4, the Korean Financial Industry Union initiated a general strike, following failed negotiations between labor and management on key demands, including a 4.5-day workweek and prevention of the relocation of financial institutions. This action came after a vote on August 12, where 96.05% of union members approved the strike. A rally prior to the strike saw about 15,000 financial workers demonstrate their determination.
Union leader Yoon Seok-koo argued that productivity gains from AI and digital transformation necessitate reduced working hours and job sharing, ensuring those benefits reach the younger workforce and reducing existing employees' workloads. The union proposed reducing wage increases from an initial demand of 8% to 6%, but management insisted on a 2.5% increase, citing inflation concerns over maintaining real wages.
The relocation of major financial institutions to regional areas, like those in Korea Development Bank, Industrial Bank of Korea, and Export-Import Bank of Korea, was another contentious issue. The union cautioned against further relocation without addressing the agglomeration effect and workforce issues, insisting on a structural alternative involving regional industries, finance, and universities.
Chairperson of the Citibank Korea chapter, Lee Jang-ho, demanded a sincere response from management and the government, threatening further strikes until demands are met. Despite over forty negotiations starting in April and mediation efforts, both parties remain at an impasse on key issues.
Written by urgent.news from BusinessKorea's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
