At the end of last year, the Industrial Bank of Korea labor union, which went on a general strike, is continuing its hardline stance by occupying the president's office and conducting an indefinite tent protest. The Industrial Bank of Korea also adjusted some of its management goals downward due to the union's occupation.
According to the financial sector on the 20th, the Industrial Bank of Korea and the union recently agreed to adjust this year's management goals downward. While the specific details were not disclosed, it is reported that the retirement pension and credit card target figures were adjusted downward.
The Industrial Bank of Korea union occupied the president's office at the bank's headquarters in Jung-gu, Seoul, on the 17th of last month, arguing that this year's management goals are excessive. At the beginning of the year, the bank set 30 management goals, including retirement pensions and credit card payment amounts, but the union protested, claiming that these goals were set without union agreement. The management goals included increasing retirement pensions and credit card payments by 14% and 3%, respectively, compared to the previous year.
In response, the Industrial Bank of Korea occupied the president's office and staged a protest. Ultimately, management recently accepted the union's demands and adjusted the management goals downward. After the adjustment of the management goals, the union ended its occupation of the president's office.
The union is currently conducting an indefinite tent protest in front of the headquarters. The union is demanding a salary increase rate of 2.8%, a special performance bonus of 250%, and 1 million won in employee stock ownership. The union's position is that the government has set salaries for the Industrial Bank of Korea that are 30% lower than those of commercial banks, resulting in inadequate compensation. The union also claims that each employee has about 6 million won in unpaid overtime.
The Industrial Bank of Korea staged a general strike last December, demanding the payment of special performance bonuses and improvements to the aggregate salary system. This marked the first general strike in the history of the Industrial Bank of Korea labor union. The aggregate salary system restricts the bank's ability to set salaries within the upper limit of the annual increase rate set by the Ministry of Economy and Finance. Management has stated that they cannot accept the union's demands for salary increases and special performance bonuses, as they determine salaries according to the aggregate salary system. However, the union is still demanding improvements to the system and payment of performance bonuses while continuing their protest.
A banking sector official noted, "The establishment of a new union at the Industrial Bank of Korea has contributed to escalating labor-management conflicts and intensified conflicts between unions as well. The union continues to take a hardline approach, collaborating with political circles while the management appears to be yielding to the union's demands."
An official from the Industrial Bank of Korea stated, "Initially, there were differences between labor and management; however, considering the uncertain economic situation, we modified some of the management goals and consulted with the union."