'Opposition to a Four-and-a-Half-Day Workweek and Relocation to Regional Areas'... Financial Industry Workers' Union to Hold General Strike in Gwanghwamun on the 4th

[Financial News] The Korean Federation of Financial Industry Workers' Unions will go on a general strike on the 4th in opposition to the relocation of public financial institutions to regional areas.
The Financial Industry Workers' Union held a press conference at the Korea Federation of Banks in Jung-gu, Seoul, on the 3rd and announced that it would hold a general strike rally on Sejong-daero in Gwanghwamun, Seoul, on the 4th.
The main demands include the introduction of a four-and-a-half-day workweek based on a 35-hour workweek, prior agreement with the union before relocating headquarters, expanded hiring of young people, an extended retirement age and improvements to the wage peak system, and a 6.0% wage increase. The union said it may launch additional strikes depending on the results of future negotiations.
The Financial Industry Workers' Union stated, "We cannot accept the relocation of financial institutions to regional areas without sufficient verification and consultation with the parties involved," arguing that "forcibly relocating financial institutions while ignoring the unique characteristics of the financial industry will disrupt workers' lives and undermine industrial competitiveness."
Yoon Seok-gu, chairman of the Financial Industry Workers' Union, pointed out, "The government is trying to undermine the competitiveness of Seoul, which has risen to become the world's eighth-largest financial hub," adding, "The effects of the first phase of relocation must be properly verified first."
Union members from the so-called "three major state-owned banks"—Korea Development Bank (KDB), The Export-Import Bank of Korea (KEXIM), and Industrial Bank of Korea—participated in the press conference and raised their voices in opposition to relocation to regional areas. These unions have emphasized that, because finance is an industry whose competitiveness depends on the concentration of personnel, information, and corporate and market networks in one place, physically relocating headquarters could weaken policy finance functions and expertise.
The Financial Industry Workers' Union decided to launch a general strike on the 12th of last month, with 96.05% voting in favor in a ballot on industrial action. On the 28th of last month, it held a rally to resolve to wage an all-out struggle, signaling a full-scale strike. The union expects a little over 20,000 members to attend the rally on the 4th. However, participation by employees of general commercial banks is not expected to be significant.

[email protected] Ye Byeong-jeong Reporter