Financial Union to Launch General Strike Next Month for Shorter Work Hours
"High Salaries, Demands for Fewer Hours"
Public Criticism Mounts
The National Financial Industry Labor Union has announced that it will launch a general strike next month to push for the introduction of a 4.5-day workweek. There is also significant public criticism regarding bank employees, who receive an average annual salary exceeding 100 million won, demanding shorter working hours.
Gam Hyungseon, chairman of the Financial Labor Union, is holding a one-person protest in front of the Bank Federation Building in Jung-gu, Seoul on the 4th. Provided by Financial Labor Union
On the 23rd, the Financial Labor Union stated that it plans to start a vote on industrial action on the 1st of next month, hold a resolution rally on the 16th, and proceed with a general strike on the 26th. Kim Hyungseon, chairman of the Financial Labor Union, emphasized the legitimacy of the strike, saying, "Most people support the introduction of a 4.5-day workweek, but no one is stepping forward to implement it," and added, "The financial industry must once again lead the way in change."
The union argued that long working hours are the fundamental cause of low birth rates, and claimed that a 4.5-day workweek would help restore the birth rate and revitalize the tourism industry. To this end, it has signed a business agreement with Jeju Island and is cooperating on the introduction of the 4.5-day workweek and support for the tourism industry.
The strike demands of bank employees, who are in a high-income bracket, have not escaped social criticism. Last year, the average annual salary of employees at the five major banks-KB Kookmin, Shinhan, Hana, Woori, and NongHyup-reached 114.9 million won, and the average salary for the first half of this year hit an all-time high of 63.5 million won. This surpasses the average salaries at Samsung Electronics (60 million won) and Hyundai Motor (45 million won).
Last year, the union also sparked controversy by launching a general strike to delay the start of the workday by 30 minutes, citing the reason that employees could not have breakfast with their families. As a result, there are concerns that financial consumers may face increased inconvenience. With the number of branches and employees decreasing, some point out that shortening working hours could lead to a decline in the quality of customer service.
In response, the Financial Labor Union argued, "If we create a customer-friendly business environment from Monday to Thursday, the gap on Friday afternoons can be sufficiently filled." In fact, the union has recently been staging one-person protests at major subway stations in downtown Seoul, calling for the introduction of the 4.5-day workweek.
The Financial Labor Union and management have been at odds over wage increases and the introduction of the 4.5-day workweek. After negotiations broke down in June and mediation by the Central Labor Relations Committee also failed, the union announced a general strike following a vote.
Meanwhile, in the first half of this year, the net profit of the four major commercial banks exceeded 10 trillion won, resulting in a significant increase in employee salaries. Hana Bank recorded the highest average at 68 million won, while KB Kookmin, Shinhan, and Woori Banks also posted averages of around 62 million won, surpassing the compensation levels at major IT companies and manufacturers. This increase in salaries is attributed to record-breaking performance and bonuses.
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