Financial Labor Union, 30,000 Participate in General Strike... Active Involvement of National Policy Banks

The National Financial Industry Labor Union (Financial Labor Union) is holding a rally on the morning of the 16th around Sejong-daero Intersection in Gwanghwamun, Seoul.

[Asia Economy reporters Bu Aeri, Lee Minwoo, Song Seungseop] The National Financial Industry Labor Union (Financial Union) launched a full-scale strike on the 16th. This is the first strike by the Financial Union in six years since September 2016. The Financial Union took to the streets demanding a 5.2% wage increase and a reduction in working hours (a pilot four-and-a-half-day workweek).

On the morning of the same day, the Financial Union held a rally with about 30,000 participants (estimated by the organizers) around the Sejong-daero intersection in Gwanghwamun, Seoul, and began their general strike struggle. Half of the lanes on Sejong-daero and the sidewalks were occupied by attendees, causing some citizens to express dissatisfaction. Park Hongbae, chairman of the Financial Union, said, "We must defend the public nature of finance against the Yoon Seok-yeol administration, which is privatizing public institutions and pushing for labor reforms, and financial employers who are cutting branches and jobs while obsessing over shareholder dividends," adding, "Regardless of which administration comes in, we must strike down the Ministry of Economy and Finance, which never stops their exclusive parties, and the financial holding power that blindly follows them."

The Financial Union demanded on the day ▲halt to branch closures ▲maintenance of adequate staffing ▲abolition of the wage peak system ▲reduction of working hours ▲restriction of dismissal reasons ▲abolition of public institution innovation plans ▲cancellation of the relocation of national policy banks to provinces. They also staged a street march toward the Yongsan Samgakji area, where the presidential office is located. Prior to the general strike, the Financial Union reinforced their resolve by running radio advertisements emphasizing the public nature of finance.

However, the atmosphere among commercial banks and national policy banks was somewhat divided at the rally. Employees of commercial banks had a low participation rate in the general strike. The seats at the five major banks (KB Kookmin, Shinhan, Woori, Hana, NH Nonghyup) numbered only a few hundred. At Woori Bank and Nonghyup, union leaders mainly participated in the strike, while the number of attendees from other banks was not large. In contrast, the determination among national policy bank employees was resolute.

According to the IBK Industrial Bank union's tally, more than 5,000 participants were recorded on the day. The Korea Development Bank, which the government is pushing to relocate to Busan, has about 3,200 employees in total, with nearly 2,000 attending. The number of national policy bank union members participating exceeded 7,000. The Export-Import Bank decided on voluntary participation by union members. National policy bank employees opposed workforce reductions and budget cuts in public institutions, as well as the transfer of prime clients of national policy banks. They also expressed significant dissatisfaction with the 1% level wage increase.

In particular, the determination of Industrial Bank employees opposing the relocation of the headquarters to Busan was strong. At the rally, Industrial Bank employees wore matching yellow shirts with the slogan "Only companies relocating to Busan from Industrial Bank will suffer" and staged a protest. They are also expected to lead the street march toward the presidential office. Jo Yoonseung, chairman of the Industrial Bank union, issued a statement before the strike, saying, "New subway lines costing 2 to 3 trillion won undergo years of feasibility studies and economic analyses. Why is there no analysis, investigation, or consultation regarding the decision to move Industrial Bank, which has assets totaling 300 trillion won?" He added, "If Industrial Bank relocates to Busan, it will lose competitiveness and eventually become obsolete."

However, despite the Financial Union's general strike, there was little impact on the business branches of each bank. As of 10 a.m. on the day, major commercial bank branches appeared calm. KB Kookmin, Shinhan, Hana, and Woori Banks operated normally. Only the Industrial Bank, which had a high strike participation rate, notified customers in advance that "due to the general strike on the 16th, banking services may be delayed or limited," and requested that customers avoid visiting branches on that day unless absolutely necessary.

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