9.4% of Bank Employees Participate in Financial Labor Union Strike

Members of the National Financial Industry Labor Union (Financial Union) held a general strike resolution rally on the 16th at Sejong-daero, Gwanghwamun, Seoul. The Financial Union, including the unions of commercial banks and state-run banks such as the Korea Development Bank (KDB), went on strike for the first time in six years since September 2016 on this day. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Song Hwajeong] The National Financial Industry Labor Union (Financial Labor Union) launched a full-scale strike on the 16th, with approximately 9.4% of all bank employees participating in the strike. All banks' IT systems and branches are operating normally.

According to the Financial Supervisory Service on the 16th, as of 10:30 a.m., the number of strike participants in the banking sector (17 banks, excluding internet banks) was about 9,807, with a strike participation rate of approximately 9.4%. Based on total employees, 13.6% of union members participated in the strike. The strike participation rate among IT personnel was 8.6%, lower than the overall participation rate. The strike participation rate at the five major banks (Kookmin, Shinhan, Woori, Hana, Nonghyup) was around 0.8%, while Industrial Bank of Korea and IBK showed higher participation rates compared to commercial banks.

The Financial Supervisory Service dispatched inspection personnel to the headquarters and data centers of 17 banks (Kookmin, Shinhan, Woori, Hana, SC Jeil, Citi, Nonghyup, Industrial, IBK, Export-Import, Busan, Gyeongnam, Gwangju, Jeonbuk, Daegu, Jeju, and Suhyup) as the Financial Labor Union proceeded with the strike as scheduled. The Financial Supervisory Service is promptly responding to the situation on site by monitoring strike-related trends at each bank and checking the normal operation of IT systems. A Financial Supervisory Service official stated, "Inspection results show that all banks' internet banking, mobile banking, and branch IT networks are operating normally," adding, "All branches are also conducting normal business with no unusual issues."