Financial Supervisory Service Union Withdraws from the Korean Confederation of Trade Unions' Finance and Service Workers' Union

Published 18 Apr.2022 20:11(KST)

[Asia Economy Reporter Park Hyungsoo] The Financial Supervisory Service (FSS) labor union has withdrawn from the Korean Confederation of Trade Unions (KCTU) National Financial Services Labor Union.

According to the financial sector on the 18th, the FSS union held a delegates' meeting on the 15th and resolved to withdraw from the upper-level organization, the KCTU Financial Services Union. They have also completed the individual union registration.

Previously, the FSS union joined the KCTU Financial Services Union in 2014. In addition to the FSS, unions from deposit-taking institutions, insurance, securities, and savings banks also joined the KCTU Financial Services Union.

The FSS reportedly withdrew considering the potential conflict of interest that could arise between the supervisory agency and the financial institutions it oversees.

Oh Changhwa, chairman of the FSS union, explained, "We have deliberated for a long time," adding, "There were cases of role conflicts with employees of financial companies belonging to the same Financial Services Union during the course of performing the FSS's unique duties."

Going forward, the FSS union plans to operate as an independent union. Previously, in 2020, the Bank of Korea union also withdrew from the KCTU, stating that "the directions did not align with the upper-level organization."