KB Kookmin Bank's labor union and management have reached an agreement on the '2024 wage and collective bargaining agreement.' As a result, the likelihood of avoiding a strike has increased.
According to the financial sector on the 20th, the labor and management resumed negotiations on the collective bargaining agreement and reached a conclusion around 3 to 4 p.m.
The union has demanded ▲300% bonus (based on monthly standard salary)+10 million won ▲2.8% wage increase ▲expansion of new hiring ▲increase in congratulatory money ▲improvement of the medical expense support system ▲improvement of the wage peak system.
However, management expressed difficulties in meeting the union's demands for bonuses and other compensation related to last year's losses in Hong Kong H index (Hangseng China Enterprises Index) linked securities (ELS).
Ultimately, the labor and management agreed on a wage increase of 2.8% and a bonus of 250% (based on monthly standard salary)+2 million won. While there may be slight variations depending on years of service compared to the 2023 agreement, which had a wage increase of 2.0% and a bonus of 280% (based on monthly salary), KB Kookmin Bank explained that the levels are generally similar.
Additionally, the collective bargaining agreement discussed ways to promote cooperation with partner company employees. Both labor and management agreed that benefits should also be extended to partner companies responsible for safety, facilities, and cleaning, and decided to establish specific support measures.
The union is currently conducting a vote on whether to approve or reject the proposed agreement. The final results are expected around 6 p.m., but it is reported that the chances of rejection are small.
Previously, on the 26th of last month, the union declared the breakdown of negotiations and applied for mediation from the Central Labor Relations Commission under the Ministry of Employment and Labor, but failed to reach an agreement despite mediation, leading to the Commission's decision to cease mediation.
Subsequently, on the 14th, the union conducted a vote on whether to carry out the strike (general strike), and among the 9,702 union members who participated in the vote (with a turnout rate of 88.22%), 92.74% or 9,274 cast approval votes, heightening the likelihood of a strike for the first time in six years since 2019.