[1mm Financial Talk] Financial Union's September General Strike... Subtle 'Temperature Differences' Among Banks

On September 23, 2016, at the World Cup Stadium in Sangam-dong, Seoul, the Financial Labor Union held a general strike declaration ceremony to oppose the performance-based pay system. Photo by Asia Economy DB

[Asia Economy Reporter Bu Aeri] As the National Financial Industry Labor Union (Financial Union), which includes banks, has announced a general strike in September, subtle differences in attitudes are detected among banks. While policy banks show strong willingness among employees to strike, there is public opinion in commercial banks that social criticism must be considered.

The Financial Union passed a general strike resolution on the 19th with an overwhelming approval rate of 93.4%. Accordingly, the general strike will begin on the 16th of next month. If carried out, it will be the first general strike in six years since the 2016 strike against the performance-based pay system during the Park Geun-hye administration. The Financial Union demands a 36-hour workweek (4.5 days), a 6.1% wage increase, extension of retirement age to 65, and the abolition of financial public institution innovation plans. Since the Financial Union has 100,000 union members from commercial banks such as KB Kookmin and Shinhan, policy banks, regional banks, and financial public enterprises, business at bank branches will also be disrupted.

However, the atmosphere toward the general strike varies slightly by bank. In the case of the Korea Development Bank (KDB), which has the issue of relocating to Busan, employees’ willingness is strong. On anonymous boards like Blind, jokes such as "Give us guns during the general strike" are circulating. In fact, hundreds of KDB employees have been protesting in the main office lobby for about 80 days, opposing the relocation to Busan. The KDB union plans to strongly demand opposition to the Busan relocation in next month’s general strike as well. Jo Yoon-seung, chairman of the KDB union, said, "We will encourage everyone except essential personnel to participate in the strike."

In commercial banks, there is strong dissatisfaction with the 1.4% wage increase proposed by the employers, but there are also skeptical views about the general strike itself. A commercial bank official said, "Bank employees are also concerned about the negative public opinion, so it will not be easy for participation in the general strike to be as high as before." Especially among younger employees, there is sometimes indifference toward the strike itself. Another commercial bank official said, "Compared to the determination of policy banks, many employees seem to have little interest," adding, "If you ask about the date of the general strike, quite a few employees probably do not know it well."

Meanwhile, the Financial Union’s determination to strike is strong. A financial sector official said, "Because Chairman Park Hong-bae’s will is so strong, there will be many efforts to encourage the strike." The Financial Union held rallies on the 23rd in Gwanghwamun, Seoul, and on the 25th in the Daegu-Gyeongbuk region. On the 1st of next month, they plan to continue the general strike rally in Busan.

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