"Workplace Shaken" Employees Stirred by Busan-bound San-eun

Photo by Saneun Union Provided

[Asia Economy Reporter Bu Aeri] "Our precious workplace is shaking," said an employee of the Korea Development Bank (KDB) recently regarding the relocation of the headquarters to Busan. Since the launch of the Yoon Seok-yeol administration, the move to Busan has become more tangible, plunging KDB into a stormy prelude. KDB employees are strongly opposing the plan.

According to the financial sector on the 10th, Kang Seok-hoon, chairman of KDB, held an internal briefing on the headquarters' regional relocation for employees on the 7th but left the meeting without properly conducting it due to fierce protests from the staff.

The employees judged that Chairman Kang is untrustworthy and started a boycott. In particular, the relocation plan recently disclosed by a ruling party lawmaker's office reportedly made the employees quite uncomfortable. A KDB employee said, "The briefing held last month only provided a general explanation, but it was packaged as if there had been consultation and communication with the employees, so they feel they were used."

According to the 'KDB Busan Relocation Promotion Plan' received by Kim Hee-gon, a member of the People Power Party, from the Financial Services Commission, KDB will establish a 'Busan Relocation Task Force (TF)' directly under Chairman Kang Seok-hoon starting this month. The document states that "through consultative bodies involving labor and management such as employee briefings and labor-management councils, efforts will be made to persuade the union and employees and seek cooperation," and that the first briefing was already held on the 24th of last month.

Also, the Financial Services Commission and KDB plan to complete reviews within this year on the scope of functions to be relocated, site acquisition plans, personnel and equipment relocation schedules, and IT network construction plans related to the headquarters' move to Busan.

Next year, the Ministry of Land, Infrastructure and Transport and the Financial Services Commission will submit the 'KDB Relocation Public Institution Designation Plan' to the Balanced Development Committee for deliberation and resolution, and obtain the final approval from the Minister of Land, Infrastructure and Transport.

Subsequently, the Korea Development Bank Act Article 4, which stipulates that the headquarters be located in Seoul, will be amended, and practical procedures such as site purchase and new building construction will proceed. The KDB headquarters will relocate to Busan upon completion of the building.

The relocation of KDB to Busan, a key pledge of President Yoon Seok-yeol, gained momentum on the 31st of last month following the president's directive.

On the 31st, President Yoon presided over the 7th Emergency Economic and Livelihood Meeting at Hanjin Terminal in Busan New Port, Changwon, Gyeongnam, urging, "KDB must relocate to the Busan, Ulsan, and Gyeongnam region and play an essential role in the path toward becoming a maritime city, logistics city, and advanced science industry city." Chairman Kang responded, "We will work closely with related ministries to promote the relocation as quickly as possible."

As the KDB Busan relocation plan shows signs of becoming full-fledged, employees are greatly unsettled. Various rumors, such as the selection of 500 employees for the Busan assignment, are causing unrest among the staff. Protests are also intensifying. Recently, KDB employees collectively sent text message protests to a lawmaker who inquired about the relocation.

KDB employees plan to continue demonstrations even after the Chuseok holiday. There is also a possibility of collective action during Chairman Kang's 100-day inauguration press conference on the 14th.

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