Will Yoon Jong-won Find a Solution with the Union?…IBK Union Members' Grand Debate on the 13th

Yoon Jong-won, President of IBK Industrial Bank of Korea, was blocked by union members' protest against going to work while commuting to the IBK headquarters in Euljiro, Seoul on the 7th. Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Kim Hyo-jin] The IBK Industrial Bank labor union, which has been staging a work stoppage protest against the new president Yoon Jong-won, labeling him as an "underqualified parachute appointment," will hold a large forum with union members. This could be a turning point in resolving the conflict, as it may determine whether to accept President Yoon's request to "meet and resolve through dialogue."

According to IBK on the 12th, the bank's labor union will hold a large forum at 4 p.m. on the 13th at the Seoul Euljiro headquarters, with both union members and leadership participating. Kim Hyung-sun, chairman of the IBK labor union, said, "This was basically planned to listen to the concerns and proposals of union members aimed at innovating IBK," adding, "Including this, there will be free discussions about the ongoing work stoppage protest against President Yoon."

There are expectations inside and outside IBK and the union that this forum will involve discussions about a meeting between President Yoon and the union. President Yoon stated in a phone interview with Asia Economy on the 10th, "I have been continuously asking the union to meet and have left the door open," and expressed his intention to "resolve things reasonably through dialogue."

President Yoon was appointed on the 2nd but has not yet been able to report to his office at the headquarters due to the union's blockade, and is currently working from a temporary office at the Financial Training Institute in Samcheong-dong, Seoul. The union has refused dialogue and has been urging President Yoon to resign voluntarily. The union's position is that in 2017, then-presidential candidate Moon Jae-in signed a policy agreement with the financial labor union to eradicate parachute appointments, but the administration broke this promise by sending an unsuitable person as IBK president, which they cannot accept.

As the standoff between President Yoon and the union shows signs of prolonging, concerns are rising within IBK about the side effects of delayed personnel appointments and disruptions to core businesses such as support for small and medium enterprises. The terms of five vice presidents, including the senior vice president, are about to expire. Affiliates have not been able to appoint successors despite the expiration of their representatives' terms.

Accordingly, voices urging both President Yoon and the union to seek an "exit strategy" are growing both inside and outside the bank. It is also anticipated that the union may present specific demands at this forum, such as various measures for organizational stabilization and improvements to the president appointment process to enhance fairness and transparency.

This content was produced with the assistance of AI translation services.