Labor-Management Agreement Reached During Lunar New Year Holiday... Inauguration Ceremony to Be Held at Euljiro Headquarters on the 29th at 9:30 AM
[Asia Economy Reporter Kwon Haeyoung] The inauguration ceremony of Yoon Jong-won, president of IBK Industrial Bank of Korea, will be held on the morning of the 29th at the IBK headquarters in Euljiro, Seoul. Following the end of the IBK labor union's work stoppage protest that began immediately after his inauguration on the 3rd, he is scheduled to officially start work after 27 days.
IBK announced on the 28th that President Yoon reached a labor-management agreement during the Lunar New Year holiday and is expected to return to normal work starting on the 29th.
Since President Yoon's appointment, the IBK labor union has been conducting a work stoppage protest since the 3rd. The prolonged conflict, marked by the union's insistence on dialogue with the ruling party, government, and Blue House through a hardline stance, began to accelerate early last week when the Blue House, the Democratic Party of Korea, and the Financial Services Commission expressed regret to the union chairman.
President Yoon and Chairman Kim Hyung-sun continued their dialogue throughout the Lunar New Year holiday and reached a labor-management agreement in a dramatic fashion on the last day of the holiday. On the final day of the holiday, Yoon, Lee In-young, floor leader of the Democratic Party, and Eun Sung-soo, chairman of the Financial Services Commission, met with the IBK labor union executives and the financial labor union to lead the agreement. Both sides reportedly promised to work together to improve the system for future executive appointments at IBK.
The IBK labor union ended the work stoppage protest at the headquarters on this day, and President Yoon will return to the headquarters starting on the 29th. The inauguration ceremony of President Yoon is scheduled to be held at 9:30 a.m. on the 29th at the Euljiro headquarters.
President Yoon stated, "We were able to resolve this situation through an open mind and continuous dialogue," adding, "Like the ground hardening after rain, both labor and management will open their hearts and work together for the development of IBK."
The IBK labor union said, "The IBK labor union received an official expression of regret from the ruling party and government and a promise to promote institutional improvements regarding the appointment of the president," and added, "We express forgiveness and gratitude to the government and ruling party who acknowledged their mistakes and pledged change." They continued, "The union held five separate meetings with President Yoon. It was a time of discussion and listening where the new president conveyed the employees' concerns and wishes without omission and revealed the bank's future vision and management philosophy," explaining, "Differences were narrowed, doubts reduced, and misunderstandings resolved."
Meanwhile, the IBK labor union also released a joint labor-management declaration focusing on ▲ resolving the issue of voluntary retirement ▲ efforts to integrate the headcount of employees converted to regular positions ▲ suspension of wage system reform if opposed by the union ▲ improvement of transparency and fairness in executive appointment procedures ▲ active promotion of the union-recommended director system ▲ expansion of sick leave for employees.
However, regarding the union-recommended director system, there are no outside directors at IBK whose terms expire this year, and since the Financial Services Commission holds the appointment authority, it is expected that realization in the short term will be difficult.
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