The National Financial Industry Labor Union has initiated its first major strike, demanding a halt to the relocation of financial institutions, the introduction of a 4.5-day workweek, and an increase in real wages. This strike comes as the government has officially begun its second phase of relocating public institutions from the capital region, revealing the complex political dynamics surrounding the issue.
On the morning of September 4, the financial union held a strike rally at Sejong-daero in Gwanghwamun, Seoul. Participants included members from various banks and financial public institutions under the union, with organizers estimating around 30,000 attendees.
This strike follows the government's announcement the previous day that it would pursue a policy of minimizing the presence of public institutions in the capital. While the financial union acknowledges the need for regional balanced development, it opposes the blanket relocation of financial institutions.
The union stated, "Relocating the addresses of financial institutions is not the same as revitalizing the local economy," arguing that what is needed is not merely a change of signage but genuine economic revitalization in the regions.
Yoon Suk-gu, chairman of the financial union, emphasized, "There are policy reasons for financial institutions like the Industrial Bank, the Export-Import Bank, and the Korea Development Bank to remain in Seoul. Our presence in Seoul is not due to politics or a desire to avoid separation from family, but for economic reasons."
Among the attendees were lawmakers Lee Hak-young and Lee Yong-woo from the Democratic Party and Kim Hyung-dong from the People Power Party. Their presence at the rally highlights the political tensions as the government and ruling party push for the relocation of public institutions as a key national agenda.
However, the focus of their remarks varied. Lawmaker Kim Hyung-dong stated, "The relocation of financial public enterprises and institutions must go through the National Assembly's consent," vowing to prevent unilateral relocation by the government. Lawmaker Lee Yong-woo supported the union's demand for a 4.5-day workweek, noting that the government's national agenda includes reducing working hours.
The financial union is also demanding a 6% wage increase alongside the 4.5-day workweek. The management has proposed a 2.5% increase, which the union argues is insufficient compared to the government's announced public sector wage increase of 3.9% for the next year.
A third-year employee, referred to as A, expressed, "I am glad to raise our voices together with colleagues on demands we can feel in the workplace. I hope this rally serves as an opportunity for management and labor to communicate and help create a more reasonable working environment."
Since April, the financial union has engaged in negotiations with management over 31 times but has yet to reach an agreement. In a strike vote held on August 12, 96.05% of members voted in favor of the strike.
* This article has been translated by AI.
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