[Photo] Financial Labor Union General Strike Rally at Gwanghwamun, March to Yongsan Planned

[Asia Economy Reporter Heo Idam] The National Financial Industry Labor Union (Financial Union), including the labor unions of commercial banks and the Korea Development Bank (KDB), a state-run bank, went on strike on the 16th. This is the first strike by the Financial Union in six years since September 2016. However, the participation rate of commercial banks, which account for a large portion of bank customers, is expected to be low, so customer inconvenience is expected to be minimal.

The Financial Union gathered at the Sejong-daero intersection in Gwanghwamun, Seoul, from 9 a.m. on the day. They held placards with messages such as "Abolish government-controlled finance! Stop oppression of public institutions!" As of 10 a.m., the strike procession was about 300 to 350 meters long and about 20 to 30 meters wide, covering half of the Sejong-daero lane and the adjacent sidewalk.

Currently, the Financial Union is demanding a wage increase of more than 5% and a reduction in working hours. However, public opinion is not favorable because financial sector employees receive an average annual salary of around 100 million won and have already implemented reduced business hours due to COVID-19, yet they are striking. Consequently, commercial banks, conscious of public opinion, are not actively participating, resulting in a relatively low participation rate.

On the other hand, the KDB labor union showed a high participation rate in this general strike due to intense conflict between labor and management over the relocation to Busan.

Meanwhile, the Financial Union plans to hold a second strike on the 30th if no agreement is reached after starting the strike on the 16th.

On the 16th, KDB Industrial Bank union members participating in a strike in the Gwanghwamun area of Seoul are holding a banner that reads "Stop the illogical, unplanned, and senseless relocation of the state-run bank to the provinces." Photo by Seungseop Song tmdtjq8506@

Union members of major commercial banks such as KB Kookmin, Shinhan, Hana, and Woori are preparing for a general strike. Photo by Seungseop Song tmdtjq8506@

On the 16th, a banner reading "Abolish Government-Controlled Finance! Stop Oppressing Public Institutions!" was displayed around Gwanghwamun, Seoul, in support of the Financial Labor Union. Photo by Seungseop Song tmdtjq8506@

Members of the Korea Development Bank union wore vests opposing the relocation of the bank's headquarters to Busan and went on a general strike. Photo by Seungseop Song tmdtjq8506@

Union members of major commercial banks such as KB Kookmin, Shinhan, Hana, and Woori are preparing for a general strike. Photo by Seungseop Song tmdtjq8506@

Members of the Korea Development Bank union wore vests opposing the relocation of the bank's headquarters to Busan and went on a general strike. Photo by Seungseop Song tmdtjq8506@

On the morning of the 16th, the Financial Labor Union is preparing for a general strike around Gwanghwamun, Seoul. Photo by Seungseop Song tmdtjq8506@

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