Financial Union Members Angry Over Relocation of Public Financial Institutions Converge on Gwanghwamun

[Financial News] The Korean Financial Industry Union held a general strike rally around Gwanghwamun on the 4th, calling for the relocation of public financial institutions to regional areas to be blocked. Tensions are rising as the government moves ahead with plans to relocate public institutions, while the union's key demands— a 6% wage increase and a four-and-a-half-day workweek—remain unmet.
About 30,000 union members from 43 branches nationwide, according to the union, gathered for the protest and filled the streets from Dongwha Duty Free Shop in Gwanghwamun to Deoksugung Palace in front of City Hall. Holding signs reading “Win a real-wage increase,” “Block regional relocation,” and “Introduce a four-and-a-half-day workweek,” they called for victory in the general strike.
The financial union had previously decided to launch a general strike after receiving 96.05% support in a strike authorization vote on August 12. Wage increases and the introduction of a four-and-a-half-day workweek were initially the main demands. However, as the possibility of relocating public financial institutions to regional areas emerged, blocking the relocation became the central issue, particularly for state-run banks. Attendance by union members from Korea Development Bank, Industrial Bank of Korea, The Export-Import Bank of Korea, and Nonghyup Bank was also overwhelmingly higher than that of commercial banks.
Yoon Seok-gu, chairman of the Korean Financial Industry Union, said in his opening address, “There are reports that the government is seeking to relocate Industrial Bank of Korea to Daegu; The Export-Import Bank of Korea and Korea Development Bank to Busan and Naju; and Nonghyup Bank to Honam around the June 3 local elections.” He added, “What kind of logic is it to tell us to go unconditionally, without any rationale or reason?”

Kim Hyun-jun, chairman of the Korea Development Bank labor union, said, “Korea Development Bank suffered greatly under the previous Yoon Suk Yeol administration. Many employees left the bank, and we are now trying to help the organization recover, but strange talk is circulating again.” He criticized the plan, saying, “At that time, our backing came from the Democratic Party of Korea and President Lee Jae Myung. Does it make sense now to send Korea Development Bank, Industrial Bank of Korea, and The Export-Import Bank of Korea to regional areas?”
Regarding wages, the financial union is calling for a 6% increase reflecting economic growth and consumer price inflation, while management is holding firm to its proposed 2.5% increase.
Lawmakers from both ruling and opposition parties attended the rally, including Lee Hack-young and Lee Yong-woo of the Democratic Party of Korea; Kim Hyeong-dong of the People Power Party; Shin Jang-sik of the Rebuilding Korea Party; and Han Chang-min of the Social Democratic Party. Kim Dong-myung, chairman of the Federation of Korean Trade Unions, and Kyung-soo Yang, chairman of the Korean Confederation of Trade Unions, were also present.

[email protected] Seo Ji-yoon Reporter