Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
Public sentiment cold toward bank employees’ planned strike
Leaders of the Korea Financial Industry Union hold a press briefing on a planned strike at the union’s situation room in Seoul, Sept. 8. Yonhap
By Yi Whan-woo
A nationwide strike planned by the Korea Financial Industry Union — composed largely of bank employees — is facing public backlash, as its demand for shorter working hours is being criticized as excessive.
The union says it will stage a walkout Friday if management does not accept its proposal for a 4.5-day workweek. It is also calling for a 5 percent wage increase.
The announcement has sparked negative reactions on social media, with many users criticizing the move as self-serving and neglectful of customer service responsibilities, while citing the high salaries and generous benefits enjoyed by its workers.
According to the Financial Supervisory Service, employees at commercial, provincial and state-run banks earned an average annual salary of 112 million won ($80,400).
Much of this income is driven by interest profits, which have often been labeled as windfall gains, especially at a time when many borrowers are struggling with high interest rates.
Under the union’s proposal, banking hours could be reduced from the current 9 a.m. to 4 p.m. on weekdays, further limiting access to in-person services.
The shorter hours are expected to impact older customers, who are more reliant on branch services than younger, tech-savvy users.
“Banks are neglecting their responsibility concerning better accessibility for financial services, even after raking in huge profits from interest income,” a Daum user commented.
Another user on Naver wrote, “Banks are shutting down retail branches under the name of digital transformation and cutting jobs.”
The five largest commercial banks — KB Kookmin, Shinhan, Hana, Woori and NH NongHyup — have been winding down their retail operations.
They currently operate a total of 3,750 branches, down from 3,927 at the end of 2023.
At the same time, new hiring is slowing. Excluding NH NongHyup, the other four lenders plan to hire a total of 1,220 new employees for all of 2025, down 12 percent from 1,880 in 2023 and 1,380 in 2024.