A large blue tent has been set up at the entrance of the Bank Hall in Jung-gu, Seoul. Following a major strike on September 4, the financial union has begun an overnight sit-in against the Financial Industry Employers' Council. With disagreements over a 4.5-day workweek, wage increases, and the relocation of public financial institutions unresolved, the union is considering a second strike on September 30.
On the second day of the sit-in on September 9, Yoon Suk-gu, chairman of the National Financial Industry Labor Union, stated, "We have held over 30 official negotiations in the past five months, and there have been several unofficial discussions among representatives, but we have not narrowed the gap on key issues."
The most contentious issues between the financial union and the employers' council are the reduction of working hours and wage increases. The union is demanding a 6% wage increase along with a reduction in the weekly working hours from the current 40 hours to 35 hours without any wage cuts.
Banking sector representatives express concerns that reducing working hours could increase personnel management and cost burdens. They argue that hiring additional staff to compensate for reduced hours would raise labor costs and could lead to customer inconveniences during adjustments to operating hours or work systems.
In response, Yoon argued, "The conditions to change operating hours and work patterns have already been established with artificial intelligence (AI) and digitalization, and the financial sector can take the lead in promoting reduced working hours."
The issue of relocating financial institutions is also a source of conflict. In line with the government's plan for balanced national development, the possibility of relocating state-owned banks such as the Industrial Bank of Korea, Export-Import Bank, and Korea Development Bank is being discussed. The Financial Services Commission and the Financial Supervisory Service are also separately discussing relocation, but specific targets and timelines have not been confirmed.
Yoon emphasized the need to first assess the outcomes and side effects of the first round of public institution relocations conducted from 2005 to 2019. He noted, "In previous relocation cases, family relocations were not smooth, and some employees remained in the metropolitan area. Issues related to personnel and compensation due to local work have not been adequately resolved due to total labor cost constraints."
He added, "The impact of relocating financial institutions on the competitiveness of the financial industry and the national economy must be prioritized in our assessment."
Political figures have also visited the sit-in site. Kim Nam-kun, a member of the Democratic Party, visited the site the previous day and stated that the financial sector needs to take the lead in implementing a 4.5-day workweek.
Kim remarked, "One of the key measures to reduce polarization is job sharing. We need to consider reducing working hours and pilot implementing a system like the 4.5-day workweek." He refrained from commenting on the relocation of public financial institutions, calling it a "somewhat different issue."
If labor negotiations continue to stall, the financial union plans to escalate its actions. Yoon stated, "We will hold a rally on the 18th and are considering a second strike on the 30th, depending on the negotiation situation."
On the second day of the sit-in on September 9, Yoon Suk-gu, chairman of the National Financial Industry Labor Union, stated, "We have held over 30 official negotiations in the past five months, and there have been several unofficial discussions among representatives, but we have not narrowed the gap on key issues."
The most contentious issues between the financial union and the employers' council are the reduction of working hours and wage increases. The union is demanding a 6% wage increase along with a reduction in the weekly working hours from the current 40 hours to 35 hours without any wage cuts.
Banking sector representatives express concerns that reducing working hours could increase personnel management and cost burdens. They argue that hiring additional staff to compensate for reduced hours would raise labor costs and could lead to customer inconveniences during adjustments to operating hours or work systems.
In response, Yoon argued, "The conditions to change operating hours and work patterns have already been established with artificial intelligence (AI) and digitalization, and the financial sector can take the lead in promoting reduced working hours."
The issue of relocating financial institutions is also a source of conflict. In line with the government's plan for balanced national development, the possibility of relocating state-owned banks such as the Industrial Bank of Korea, Export-Import Bank, and Korea Development Bank is being discussed. The Financial Services Commission and the Financial Supervisory Service are also separately discussing relocation, but specific targets and timelines have not been confirmed.
Yoon emphasized the need to first assess the outcomes and side effects of the first round of public institution relocations conducted from 2005 to 2019. He noted, "In previous relocation cases, family relocations were not smooth, and some employees remained in the metropolitan area. Issues related to personnel and compensation due to local work have not been adequately resolved due to total labor cost constraints."
He added, "The impact of relocating financial institutions on the competitiveness of the financial industry and the national economy must be prioritized in our assessment."
Political figures have also visited the sit-in site. Kim Nam-kun, a member of the Democratic Party, visited the site the previous day and stated that the financial sector needs to take the lead in implementing a 4.5-day workweek.
Kim remarked, "One of the key measures to reduce polarization is job sharing. We need to consider reducing working hours and pilot implementing a system like the 4.5-day workweek." He refrained from commenting on the relocation of public financial institutions, calling it a "somewhat different issue."
If labor negotiations continue to stall, the financial union plans to escalate its actions. Yoon stated, "We will hold a rally on the 18th and are considering a second strike on the 30th, depending on the negotiation situation."
* This article has been translated by AI.
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