Kookmin Bank Labor-Management Agreement Reached... Voluntary Retirement Eligibility Expanded to Those Born in 1973

Voluntary Retirement Applications Accepted Until the 22nd

[Asia Economy Reporter Park Sun-mi] KB Kookmin Bank's labor and management have agreed on a wage increase rate of 1.8%, additional cash incentives for performance bonuses, and terms for voluntary retirement in the wage and collective agreement (wage and collective agreement).

According to Kookmin Bank on the 20th, the labor and management held the 2nd mediation meeting of the Central Labor Relations Commission the day before and agreed on a wage increase rate of 1.8% (0.9% of the retroactive portion will be donated to social solidarity funds such as the Workers' Welfare Fund). They also decided to provide an additional cash incentive of 1.5 million KRW in the form of encouragement money on top of the 200% performance bonus (special bonus) of the ordinary wage. Furthermore, they agreed on welfare improvements such as the establishment of a personalized health management program for employees called the 'KB Family Health Keeper Service System,' expansion of the number of times parental leave can be split, and the introduction of half-day leave.

Applications for voluntary retirement will be accepted until the 22nd. Last year, voluntary retirement was conducted for those born between 1964 and 1967, but this year the target group has been expanded to include not only those subject to the wage peak system but also those born up to 1973. For voluntary retirement targeting those born between 1965 and 1973 this year, special retirement pay equivalent to 23 to 35 months' salary and tuition support (3.5 million KRW per semester, up to 8 semesters) or reemployment support funds (up to 34 million KRW) will be provided.