Kakao Bank's labor union has gone on strike for the first time since its establishment after negotiations with management over performance bonuses and wage increases broke down.
According to the financial sector on July 31, more than 700 of the approximately 1,000 corporate union members at Kakao Bank participated in the strike.
The strike is being conducted by union members taking annual leave to withdraw from work.
The Kakao Bank union is demanding that employee wages and performance bonuses be increased, citing a 3 billion won increase in the annual salary cap for executives this year. While the two sides discussed a salary increase of 5 to 6 percent, they reportedly did not reach a final agreement.
Management has proposed a plan to distribute performance bonuses equivalent to 10 percent of operating profit, combining cash and company stock. They emphasize that employee treatment has been steadily improving.
The union is continuing internal discussions regarding additional forms of protest and future schedules.
However, since Kakao Bank operates as an internet-only bank without physical branches, it appears that customers are experiencing minimal disruption to services.
According to the financial sector on July 31, more than 700 of the approximately 1,000 corporate union members at Kakao Bank participated in the strike.
The strike is being conducted by union members taking annual leave to withdraw from work.
The Kakao Bank union is demanding that employee wages and performance bonuses be increased, citing a 3 billion won increase in the annual salary cap for executives this year. While the two sides discussed a salary increase of 5 to 6 percent, they reportedly did not reach a final agreement.
Management has proposed a plan to distribute performance bonuses equivalent to 10 percent of operating profit, combining cash and company stock. They emphasize that employee treatment has been steadily improving.
The union is continuing internal discussions regarding additional forms of protest and future schedules.
However, since Kakao Bank operates as an internet-only bank without physical branches, it appears that customers are experiencing minimal disruption to services.
* This article has been translated by AI.
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