Financial Union Approves General Strike for 26th... Demands 4.5-Day Workweek and 5% Wage Increase

The Korea Financial Industry Union, which includes major commercial banks, has resolved to go on a general strike on September 26.

On September 2, the union announced, "As a result of a strike vote conducted among all union members, the proposal was approved with a 94.98% approval rate," adding, "We have decided to take full-scale action to bring about a change in management's negotiation stance."

If the strike proceeds as planned, union members from commercial banks, the Korea Development Bank, the Korea Credit Guarantee Fund, and Korea Asset Management Corporation (KAMCO), all of whom are part of the Korea Financial Industry Union, will completely suspend their work on September 26.

During the ongoing industry-level negotiations, the union has demanded a 5% wage increase, the full implementation of a 4.5-day workweek, an expansion of new hiring, and an extension of the retirement age.