"94.98% of Union Members Approve Strike Action"
Criticism Mounts Over Calls for Shorter Hours Amid High Salaries
"Necessary to Address Low Birth Rates and Regional Depopulation"
The National Financial Industry Labor Union has voted to go on a general strike, demanding the introduction of a 4.5-day workweek, among other requests.
On September 2, the Financial Labor Union announced that, following a strike vote among all its members, 94.98% voted in favor. The union stated, "We have decided to take full-scale action to prompt a change in management's negotiation stance." The union's demands include a 5% wage increase, the full implementation of a 4.5-day workweek, expanded new hiring, and an extension of the retirement age.
If the strike proceeds as planned, union members at commercial banks, Korea Development Bank, Korea Credit Guarantee Fund, and Korea Asset Management Corporation (KAMCO), among others, will stop work starting on the 26th. However, as industry-wide central negotiations are still underway, an agreement could prevent the strike from actually taking place.
The union's strike warning has drawn criticism from some quarters. Critics argue that the demand for shorter working hours is excessive, given that the average annual wage per employee has surpassed 100 million won. According to the 'Bank Management Status Public Report' released by the Korea Federation of Banks, the average annual wage per employee at the five major commercial banks (KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup) was 115.42 million won last year.
In response to such criticism, the Financial Labor Union countered that the introduction of a 4.5-day workweek is intended to help alleviate the nationwide crises of low birth rates and regional depopulation. In a commentary released on August 25, the union stated, "Labeling the union's demand for a 4.5-day workweek as 'the privileged complaints of bankers with 100 million won salaries' is a distortion that misleads public opinion by only highlighting certain job salaries and bank net profits," adding, "Why ignore the fact that shorter working hours can create new jobs?"
The union further argued, "Over the past eight years, the number of births among financial sector workers has declined by more than 64%. No matter how high the salary, if workers do not have the time and flexibility to have and raise children, childbirth will not occur. This is not simply a matter of working conditions, but a survival issue directly linked to the sustainability of society. The 4.5-day workweek is a practical solution and the only option to safeguard the future of South Korea."
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