Financial Services Commission Holds 'Financial Sector Situation Review Meeting' in Preparation for Financial Labor Union Strike

Minimizing Consumer and Business Inconvenience During Union Strikes
Urging Financial Sector Efforts for the Normal Operation of the Financial System

[Asia Economy Reporter Sim Nayoung] The Financial Services Commission, chaired by Vice Chairman Kim Soyoung, held a meeting on the 16th to review the situation in the financial sector in preparation for the nationwide general strike by the National Financial Industry Labor Union (hereinafter referred to as the Financial Labor Union), checking the strike preparedness status and response plans by institution.

They guided banks to pre-inspect their own emergency action plans and checked IT business continuity plans to prepare for emergencies such as suspension of electronic financial transactions due to the strike, as well as the operation status of the interbank deposit payment system in emergencies.

Regarding customer services, banks stated that they will secure and deploy essential personnel related to sales support to minimize disruptions at branches and prevent service gaps during the strike.

Vice Chairman Kim said, "Since there is still time until the scheduled strike date, I hope that the differences in positions between labor and management will be smoothly resolved through dialogue," and requested active cooperation from the financial sector to ensure that various livelihood stabilization measures, including the 'Safe Conversion Loan,' which will begin accepting applications sequentially from today, proceed without disruption to alleviate difficulties faced by low-income and vulnerable groups.

The financial authorities have been operating a 'Comprehensive Situation Headquarters' within the Financial Supervisory Service as a control tower for strike response and plan to take necessary measures according to the progress of the strike.

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