As the government prepares to announce its second public institution relocation plan, the Financial Supervisory Service (FSS) union is ramping up its efforts to prevent the move. The union is exploring all options, including collective actions such as protests and strikes, as well as the possibility of rejoining higher-level unions like the Financial Industry Union.
On August 21, the FSS union stated that it is evaluating the pros and cons of rejoining the Financial Industry Union, which is under the Korean Confederation of Trade Unions, and plans to gather opinions from its delegates. The union has also been working on revising its regulations to quickly hold an extraordinary general meeting for its delegates.
This marks the first time in over four years that the FSS union is considering rejoining a higher-level union. In April 2022, the union held a delegate meeting where 33 out of 34 delegates voted in favor of leaving the Korean Public Service and Transport Workers' Union, citing concerns over the independence of financial supervisory institutions. The union argued that being part of a union representing supervised entities could lead to conflicts of interest and role conflicts during its supervisory duties.
The FSS union's renewed consideration of joining a higher-level union underscores the urgency of the relocation issue. This is particularly relevant as the Financial Industry Union has already announced plans for a general strike to oppose the relocation.
Regardless of the decision on rejoining a higher-level union, the FSS union has already begun solidarity actions with other financial public institution unions. A joint press conference with the Deposit Insurance Corporation union is scheduled for August 24 at 10:30 a.m. in front of the Cheong Wa Dae Sarangchae fountain. This marks the first time the unions of these two institutions, responsible for financial supervision and deposit protection, will collaborate on the relocation issue.
The FSS union is also taking independent action. On August 17, it issued a statement urging the government to immediately halt the relocation plans. The union pointed out that relocating could reduce supervisory efficiency and increase supervisory costs, ultimately burdening financial consumers.
Concerns about the potential loss of key personnel and the resulting decline in supervisory capacity have also been raised. A survey conducted among all employees from August 18 revealed that 85.6% of the 1,538 FSS members are considering leaving their jobs, with the rate rising to 92.5% among employees under 40.
With the government expected to announce the second public institution relocation plan as early as August 25, the FSS union faces a tight timeline to prepare its response. The union is actively exploring various strategies to prevent the relocation, given the limited time before the government's announcement.
Meanwhile, the Financial Industry Union reported that in a strike vote held on August 12, 66,154 out of 68,878 members voted in favor, resulting in a 96.1% approval rate. The union plans to initiate a general strike on September 4 if the government proceeds with the relocation of national policy banks.
* This article has been translated by AI.
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