The push comes after a majority of members voted against the tentative deal, yet the chair moved ahead with it under his authority. The union says it is prepared to take the dispute to court over issues including bonuses that have already been paid, signaling the conflict could drag on.
According to the financial industry on Thursday, the union has formed an emergency committee and will begin voting Feb. 23 on whether to file an impeachment motion against union chair Kim Jeong.
If at least one-third of members agree, the motion can be formally submitted. After a motion is filed, the chair must convene the impeachment decision-making body within two weeks. If at least two-thirds of members vote in favor, the chair must step down.
Members’ anger centers on Kim’s decision to implement compensation based on the tentative agreement despite its rejection. In a second vote held Feb. 11, 5,443 of 9,369 members voted against the deal, defeating it.
The tentative agreement included a 3.1% wage increase (3.3% for contract workers), a profit-sharing bonus (P/S) of 300%, a special incentive payment of 7 million won, elimination of the P/S cap and a plan to rebuild the profit-sharing system within three quarters, and a 4.9-day workweek that includes leaving work one hour early on Fridays.
Internal dissatisfaction remained over the raise and the compensation structure. Kim, who won reelection last month, had made “up to 600% in bonuses” a key campaign pledge, which the union said helped drive the majority “no” vote.
Even so, Kim pushed the agreement through, citing the approaching Feb. 13 deadline for paying bonuses to employees taking voluntary retirement, despite the deal being rejected twice.
The union said, “Even after an overwhelming majority opposition was confirmed twice in a membership vote, Kim trampled members’ will with a single statement and forced the agreement through,” calling it “a serious matter that undermines the foundation of democratic legitimacy.”
In a statement issued Wednesday, Kim said, “As the payment deadline for our retired seniors drew closer, my heart burned, and I ultimately made a lonely and heavy decision with the resolve to bear all criticism alone.” He added, “As chair, I cannot wash away with any excuse that I did not fully follow members’ wishes, and I will not avoid responsibility but face it head-on.”
The infighting could also spill into legal action. With the profit-sharing bonus already paid after Kim moved ahead, some observers say a court is less likely to grant an injunction to invalidate the agreement. The union, however, believes it could still prevail in a lawsuit on the merits.
* This article has been translated by AI.
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