[Report] "No Staff at the Counter" Infinite Waiting Amid Industrial Bank's General Strike

IBK's First Ever Solo General Strike
Taking to the Streets to Resolve Wage Discrimination and Unpaid Allowances
Customers Express Inconvenience: "Have to Wait a Long Time"

On the morning of the 27th, at the IBK Industrial Bank of Korea Sindang Station branch in Hwanghak-dong, Seoul, only non-union members such as the branch manager and deputy branch manager were guarding the branch. Photo by Jeon Young-joo

At 9:16 a.m. on the 27th, at the IBK Industrial Bank of Korea Sindang Station branch in Hwanghak-dong, Seoul, Mr. A (84 years old), who had taken waiting number 2, stood up from his seat after waiting for about 10 minutes. Mr. A, who runs a galbitjip (Korean-style ribs restaurant) near the branch, visits the bank once a week to settle transaction payments. Normally, he would have quickly met a bank teller at one of the more than ten counters, but on this day, only the branch manager, two deputy branch managers, and one employee sent from headquarters were present at the branch.

Mr. A said, “Usually, the line moves quickly, but today there are no staff at the counters because of the strike,” and added, “I guess I have to wait a long time. I’ll come back later,” before leaving the bank.

On the morning of the 27th at IBK Industrial Bank of Korea Sindang Station branch in Hwanghak-dong, Seoul. It is informing that bank service processing times may be delayed or limited due to the general strike. Photo by Jeon Young-joo

At around 9:20 a.m., Mr. B, in his 60s, who also visited the branch, grew tired of the indefinite wait and said, “I didn’t know there was a strike. I’ll come back in January,” before leaving. He had come to consult about whether there would be any issues applying a third-party OTP (one-time password) to his IBK account. Mr. B said, “I need to transfer 400 million won, and since it’s a large amount, a bank teller advised me to check if the transaction would proceed normally,” adding, “If necessary, I was planning to reissue the OTP through IBK.”

As IBK Industrial Bank of Korea entered its first-ever full-scale strike, customer inconvenience at branches became inevitable. Especially at the Sindang Station branch, located right in front of Hwanghak Market, many senior customers who are more accustomed to visiting branches than using financial applications kept accumulating in the waiting line. From 9 a.m. to 9:30 a.m., a total of 12 customers who visited the Sindang Station branch were waiting for various requests, ranging from minor complaints such as exchanging 10,000 won bills for twenty 500-won coins to inquiries related to mortgage collateral settings.

Mr. C (67 years old), who has operated a real estate business within a one-minute walk from the IBK Sindang Station branch for 20 years, explained, “There are nearly 1,000 households just within the Hwanghak Market area,” adding, “Since IBK is located right in front of the market, most people in Hwanghak Market use IBK. Business owners who are doing well deposit huge amounts, and many stores take out loans from IBK, so inconvenience is inevitable.”

Corporate customers also experienced inconvenience due to disruptions in banking services. Mr. D, in his 30s, who works in an office near Sindang-dong, said, “I came to exchange small change for company business, but I had to wait longer than expected because of the strike, which was inconvenient.” Mr. E, who works in the finance team of a mid-sized company, lamented over the phone, “I urgently needed to find a time deposit product to deposit unexecuted investment funds, but the IBK branch I usually deal with was absent all morning.”

On the morning of the 27th, union members are holding a strike rally in front of the Industrial Bank of Korea headquarters in Euljiro, Seoul. Photo by Yonhap News.

The nationwide Financial Industry Labor Union IBK branch launched the full strike to resolve issues of “wage discrimination” and “unpaid allowances.” IBK employees, as public institution workers, receive 30% less pay than commercial banks performing the same work, and the government, citing total labor cost limits, has not paid overtime allowances amounting to about 6 million won per employee.

In response, Kim Hyung-seon, chairman of the Financial Labor Union (and head of the IBK branch), cried out at the strike rally held in front of IBK headquarters in Euljiro, Seoul, that morning, saying, “We are not demanding excessive compensation,” but “We are asking to uphold the social principle of equal pay for equal work.”

Park Hong-bae, a member of the Democratic Party who participated in the solidarity speech, pointed out, “During the three years of the COVID-19 pandemic, IBK comrades supplied 73% of policy finance to self-employed and small business owners,” adding, “Thanks to that, self-employed and small business owners survived, and South Korea endured harsh times, but the reward was wage gaps with commercial banks and unpaid overtime allowances.”

Han Chang-min, a member of the Social Democratic Party, also raised his voice, saying, “Is it difficult to ask not to be discriminated against and to be fairly compensated for the work done?” and “We are not simply fighting over wages. We are talking about common sense, principles, justice, and fairness.”

On the morning of the 27th, members of the Democratic Party and the Social Democratic Party are delivering solidarity speeches at a strike rally held in front of the Industrial Bank of Korea headquarters in Euljiro, Seoul. Photo by Jeon Young-joo

Earlier, the IBK union had been negotiating wage and collective agreements with management since September to resolve wage discrimination and unpaid allowances but failed to reach an agreement. Subsequently, in a strike vote held on the 12th, 88% of union members participated, with 95% (6,241 members) voting in favor. IBK management stated that due to “decisions by the Ministry of Economy and Finance,” they could not accept any of the union’s proposals, including a 2.8% wage increase, increased employee stock ownership, and compensatory leave.