The National Financial Industry Union (Financial Union) will initiate a general strike on September 4, demanding the introduction of a 4.5-day workweek and an end to the unilateral relocation of financial institutions. The union has indicated a willingness to collaborate with other unions representing institutions mentioned in the government's relocation discussions, including the Financial Supervisory Service and the Korea Deposit Insurance Corporation, which they describe as politically motivated and reckless.
Yoon Seok-gu, chairman of the Financial Union, stated at a press conference on August 27 in Seoul, "Since the start of negotiations, we have actively engaged in dialogue, but the employer has not provided responsible answers to our demands for reduced working hours, the relocation of public institutions, and the recovery of real wages." He added, "We believe it is time to take stronger action." The union voted overwhelmingly in favor of the strike, with 96.05% support in a recent ballot held on August 12.
Yoon expressed strong opposition to the government's plans for relocating financial institutions, arguing that such measures do not consider the unique characteristics of the financial industry. The government is expected to announce a second phase of public institution relocations in the second half of the year, with the Financial Services Commission, Financial Supervisory Service, and state-owned banks such as the Industrial Bank of Korea, Korea Development Bank, and Export-Import Bank of Korea being potential candidates for relocation.
While Yoon acknowledged the need for regional balanced development and addressing the concentration of resources in the capital area, he insisted that the solution should not involve physically dismantling and relocating established financial functions. He remarked, "This is not the first time the issue of relocating public institutions has been politically addressed since the current administration took office. Approaching this with shallow political logic could undermine the stability of the government."
The possibility of solidarity with other financial unions remains open. Unions from the Industrial Bank of Korea, Korea Development Bank, and Export-Import Bank held a joint rally on August 11 to oppose the relocations, while the unions of the Korea Deposit Insurance Corporation and Financial Supervisory Service conducted a joint press conference on August 24 to voice their opposition. Yoon stated, "We have not yet had specific discussions with other unions, but we are willing to discuss the issues arising from the relocations together."
Regarding the discussions on relocation, Yoon noted, "I learned through the media that the agenda on relocation was excluded from the Cabinet meeting on August 25. However, the postponement of the Cabinet meeting does not imply a decision or adjustment, so we will maintain our combative stance until the end."
In addition to opposing the relocation of financial institutions, the Financial Union is also demanding the introduction of a 4.5-day workweek, increased youth hiring, an extension of retirement age, improvements to the wage peak system, and wage increases, with the general strike planned for September 4. Prior to the strike, a rally to solidify support for the strike will be held in front of the National Assembly on August 28, followed by a meeting to finalize strike plans on September 3.
* This article has been translated by AI.
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