IBK "Measures for 52-hour Workweek... Regret Union's Report Amid National Crisis"

Yoon Jong-won, the new president of IBK Industrial Bank (left), is shaking hands with Kim Hyung-sun, the union chairman, at the inauguration ceremony held on the 29th at the IBK headquarters in Euljiro, Jung-gu, Seoul. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Jo Gang-wook] IBK Industrial Bank of Korea announced on the 19th that it has "prepared measures to ensure strict compliance with the 52-hour workweek and explained them to the labor union, and is currently implementing them," in response to the labor union's accusation of President Yoon Jong-won to the Seoul Regional Employment and Labor Office for "violating the 52-hour workweek system."

Earlier, the IBK labor union filed a complaint against President Yoon at the Seoul Regional Employment and Labor Office, claiming that the bank committed illegal acts by forcibly terminating the PC-OFF program and violating the Labor Standards Act and sectoral collective agreement, which specify standard working hours and overtime restrictions.

In response, IBK explained to the union that it has implemented measures such as ▲ verification and management of weekly overtime work status by employees and managers ▲ strengthening of the PC-OFF system ▲ dissemination of management’s commitment to legal compliance and implementation of guidance documents ▲ establishment of a channel for reporting unfair labor and personnel actions against violators, and informed the union accordingly.

Additionally, considering the severity of the COVID-19 situation, the bank announced that it significantly reduced management evaluation targets, focusing on certain items that require adjustment to reflect changes in business conditions and to allow employees to concentrate on supporting small business owners and self-employed individuals. In particular, branches in Daegu and Gyeongbuk regions, declared national disaster areas, will have their targets adjusted and be subject to separate evaluations, greatly alleviating evaluation burdens.

The bank expressed regret over the union’s accusation, stating, "We deeply regret the union’s complaint made at a time when we need to unite to overcome the national crisis."

It added, "IBK will do its best as a policy financial institution to comply with relevant laws through compliance management and sound management even in difficult circumstances, and to overcome the recent economic crisis by supporting financing for affected companies and entrusted tasks of guarantee foundations."

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