Financial Services Commission Holds Tripartite Meeting with Financial Sector Labor and Management... Discusses Myanmar Safety and Financial Consumer Protection Act Implementation

Eun Sung-soo, Chairman of the Financial Services Commission (center), is speaking at the 'Financial Sector Labor-Management-Government Representatives Meeting' held on the 23rd at the Financial Services Commission in the Government Seoul Office Building.

[Asia Economy Reporter Kwangho Lee] The labor-management-government tripartite in the financial sector has agreed to cooperate to ensure the safety of employees of local financial companies in Myanmar and to establish the Financial Consumer Protection Act.

The Financial Services Commission (FSC) announced that on the 23rd, FSC Chairman Eun Sung-soo held a meeting with Park Hong-bae, Chairman of the Financial Industry Labor Union, Lee Jae-jin, Chairman of the Office and Financial Labor Union, Kim Kwang-soo, Chairman of the Korea Federation of Banks, and Na Jae-cheol, Chairman of the Korea Financial Investment Association, exchanging various opinions on key issues.

According to the FSC, the labor-management-government tripartite agreed to closely cooperate to ensure the safety of employees of financial companies operating locally in Myanmar, to check difficulties, and to monitor real-time trends.

They also agreed to facilitate the smooth establishment of the Financial Consumer Protection Act through the establishment of guidelines, while monitoring the implementation of the 52-hour workweek system and resolving related difficulties.

The tripartite also discussed cooperation to alleviate the financial burden on low-income and vulnerable groups, including COVID-19 financial support and the reduction of the maximum interest rate.

The Labor-Management Public Interest Foundation plans to promote social contribution projects this year, such as improving financial literacy, supporting credit improvement and asset formation for vulnerable groups, strengthening safety nets, and supporting labor-vulnerable groups.