Ryu Jang-hee, left, head of the IBK Industrial Bank union, and IBK Industrial Bank CEO Jang Min-young pose for a photo on Feb. 13 after reaching agreement on the bank’s 2025 wage talks and other issues. [Photo=IBK Industrial Bank union]
IBK Industrial Bank of Korea and its union have agreed to pay previously unpaid allowances, ending a 22-day effort to block new CEO Jang Min-young from reporting to work.
The union said Feb. 13 it reached a final agreement with management on the 2025 wage negotiations and related issues, and called off the blockade. The deal includes normalizing the handling of overdue compensatory leave, increasing the employee stock ownership plan, expanding practical compensation, improving management evaluations, and reducing workloads.
Union Chairman Ryu Jang-hee said, “Thanks to CEO Jang’s efforts and a decision by the Financial Services Commission, we were able to reach a good settlement on the key issue and union demand of normalizing the overdue compensatory leave problem,” adding that the union welcomed the commission’s “responsible decision.”
The dispute began after employees said they could not use leave accrued from overtime and demanded it be paid out as allowances. IBK, which operates under a total wage cap system, had granted compensatory leave instead of overtime pay, but the leave accumulated to the point that workers could not use it freely.
With labor and management agreeing in principle to pay allowances, the two sides are expected to discuss the payment amount and timing after the Lunar New Year holiday. A union official said details are being reviewed with the Financial Services Commission.
The union said Feb. 13 it reached a final agreement with management on the 2025 wage negotiations and related issues, and called off the blockade. The deal includes normalizing the handling of overdue compensatory leave, increasing the employee stock ownership plan, expanding practical compensation, improving management evaluations, and reducing workloads.
Union Chairman Ryu Jang-hee said, “Thanks to CEO Jang’s efforts and a decision by the Financial Services Commission, we were able to reach a good settlement on the key issue and union demand of normalizing the overdue compensatory leave problem,” adding that the union welcomed the commission’s “responsible decision.”
The dispute began after employees said they could not use leave accrued from overtime and demanded it be paid out as allowances. IBK, which operates under a total wage cap system, had granted compensatory leave instead of overtime pay, but the leave accumulated to the point that workers could not use it freely.
With labor and management agreeing in principle to pay allowances, the two sides are expected to discuss the payment amount and timing after the Lunar New Year holiday. A union official said details are being reviewed with the Financial Services Commission.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.