The conflict between the corporations bank union, which demands a wage increase, and the management shows signs of prolonging. Since the general strike on the 27th of last month, the union has not been able to narrow the gap in positions and is showing a strong stance by announcing a series of rallies and another general strike.
According to the financial sector on the 7th, the corporations bank union plans to hold a rally in front of the Seoul Employment and Labor Office in Euljiro, Jung-gu, Seoul, on the 10th. This will be just two weeks after the previous general strike rally. The rally is scheduled to take place during the lunch break, not during working hours.
A corporations bank union official noted, "The reason for holding the rally in front of the labor office is to urge the cash payment of unpaid overtime allowances (compensatory leave)." They added, "The labor office has previously noted that it 'has the nature of unpaid wages,' so we plan to file a petition."
The union claims that the unpaid overtime allowances that the company has not paid due to the government's total labor cost limit amount to about 6 million won per person. The corporations bank, classified as a public institution, is subject to the 'civil servant wage guidelines' and can only spend labor costs within the annual total amount range that can be used for wages and welfare expenses. Therefore, the management argues that "it is difficult to make a decision without the approval of the Ministry of Economy and Finance and the Financial Services Commission," leading to a stalemate in negotiations.
The union is also aware that the negotiating party is essentially the Ministry of Economy and Finance and the Financial Services Commission, not the management. In materials distributed on the 24th of last month, the union stated, "The corporations bank has almost no issues it can decide on with the authority of the management without the approval of the Ministry of Economy and Finance and the Financial Services Commission." The union's demands, including ▲a wage increase rate of 2.8% ▲a special bonus of 250% ▲an employee stock ownership payment of 1 million won, are also matters that the management cannot decide. The proposed wage increase rate surpasses the civil servant guideline (2.5%).
The union is determined to continue its struggles, including rallies and general strikes, to urge changes from the government. A corporations bank union official said, "After the new union executive's inauguration ceremony on the 10th, we plan to outline our struggle plans in detail" and added, "We are also considering the possibility of second and third general strikes."
The Ministry of Economy and Finance and the Financial Services Commission are delaying discussions, citing that they are not the negotiating parties of the corporations bank union. While the Ministry of Economy and Finance argues that it is appropriate for the Financial Services Commission, the competent authority, to coordinate within the scope of government guidelines, the Financial Services Commission insists that recognition of exceptions by the Ministry of Economy and Finance is necessary.