Finance workers launch strike for shorter workweek, higher pay
The Korea Financial Industry Union holds a press conference in Seoul about their planned general strike, Sept. 8. Yonhap
Unionized workers in the financial industry staged a one-day strike Friday to demand the introduction of a shorter workweek and higher wages, but actual participation was minimal and banking operations remained largely unaffected, officials said.
Members of the Korean Financial Industry Union (KFIU) launched a walkout as previously announced, calling for a 3.9 percent wage hike and the introduction of a 4 1/2-day workweek.
The strike is intended as a "warning," with further action depending on the progress of future talks, the union said.
In industrywide negotiations, however, management proposed a 2.4 percent wage increase and maintained a lukewarm stance on the shorter workweek demand.
During a protest in central Seoul attended by some 8,000 union members, KFIU Chief Kim Hyung-sun said the collective action aims to change "the paradigm of labor."
The KFIU had initially expected about 80,000 of its 100,000 members to participate in the strike, but far fewer actually joined.
"The demand does not appear to have gained strong support, not only from the public but even among unionized members," a bank official said. "Almost all branches are operating normally without disruptions."
Employees in the banking sector are known to earn relatively high wages compared with those in other industries. The average annual salary per worker at the five major banks reached nearly 120 million won ($85,088) last year.