IBK Industrial Bank Union Withdraws Complaint Against President Yoon Jong-won
[Asia Economy Reporter Haeyoung Kwon] The IBK Industrial Bank of Korea labor union has withdrawn its complaint against President Yoon Jong-won for violating the 52-hour workweek regulation.
According to the bank on the 23rd, labor and management agreed to exclude 6 out of 35 Key Performance Indicator (KPI) items from the first half management evaluation. These include ▲general deposits ▲installment savings ▲personal cross-selling ▲number of asset management clients ▲proposal sales ▲corporate cross-selling.
They also agreed to reduce the first half targets for some evaluation indicators. Compared to the beginning of the year targets, reductions include ▲retirement pension by 70% ▲non-interest income by 50% ▲foreign exchange and credit card by 30%.
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Earlier last month, the IBK labor union filed a complaint with the Seoul Regional Employment and Labor Office, accusing President Yoon of committing illegal acts by disregarding the Labor Standards Act and the sectoral collective agreement. Following the revision of management evaluation targets, the union withdrew the complaint against President Yoon.
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