The total strike vote of the KB Kookmin Bank labor union has been approved. The Kookmin Bank union has stated that it will go on strike if its demands, including an increase in performance pay, are not met during wage and collective bargaining negotiations. If the strike occurs, it will be the first total strike in six years since 2019.
According to financial sources on the 15th, the KB Kookmin Bank union conducted a vote on the 14th regarding whether to engage in a collective action (total strike), resulting in 9,274 out of 9,702 participating union members (an 88.22% turnout) voting in favor, accounting for 95.59% of the votes.
The union declared the breakdown of negotiations for a wage and collective agreement on the 26th of last month and applied for labor dispute mediation from the Central Labor Commission under the Ministry of Employment and Labor; however, a consensus could not be reached through mediation, leading the commission to decide to cease the mediation.
The union is currently demanding ▲ a 300% bonus (based on regular wage) + 10 million won ▲ a 2.8% wage increase ▲ an expansion of new hiring ▲ an increase in congratulatory funds ▲ improvements to the medical expenses support system ▲ and reforms to the wage peak system during the negotiations.
A representative of Kookmin Bank noted, "Although the union vote resulted in a favorable outcome, if a strike takes place, customers will inevitably be inconvenienced, so we will seek to gather opinions with the union as quickly as possible through additional negotiations."
According to the 2023 business report, the average salary per employee at Kookmin Bank is approximately 120 million won.