The National Financial Industry Labor Union will go on a general strike on the 26th with the goal of implementing a 4.5-day workweek. This action comes immediately after the Lee Jae-myung administration announced its commitment to a 4.5-day workweek. However, there are negative perceptions regarding bank employees, who earn an average salary exceeding 100 million won, demanding reduced working hours while going on strike.
According to the financial sector on the 2nd, the financial union reported that 94.98% of all union members voted in favor of strike action. Accordingly, the financial union plans to hold a rally for united action on the 16th and will commence a general strike starting on the 26th. However, as central negotiations are ongoing, there is a possibility that the strike may not occur if an agreement is reached.
The financial union's demands for negotiations include ▲ a 5% wage increase ▲ full implementation of a 4.5-day workweek ▲ expansion of new hiring ▲ and extension of the retirement age. The financial union argues that since the 5-day workweek was first implemented in the financial sector in 2002, the financial sector should take the lead in implementing the 4.5-day workweek as well. Commissioner Kim Hyung-sun stated, "Just as the 5-day workweek expanded starting from industries where it was feasible in 2002, the financial industry should lead the change now."
It also argues that a 4.5-day workweek should be implemented to resolve the low birthrate issue. They claim that Korea's long working hours structure is a cause of low birthrates. They emphasized it as an alternative to overcome the crisis in the domestic tourism industry. Last year, the financial union also demanded the implementation of a 4.5-day workweek, claiming it would provide more time for visits to rural areas, potentially addressing the rural extinction crisis.
The financial union has been demanding a 4.5-day workweek for the third consecutive year. Although they have failed to reach an agreement each time, the atmosphere surrounding the push from the financial union is gaining strength following the inauguration of the new government. The new government is encouraging the implementation of a 4.5-day workweek. In the budget proposal for the next year, 27.7 billion won is allocated to support the implementation of the '4.5-day workweek' for small and medium-sized enterprises. A key aspect is to provide 200,000 to 250,000 won per employee for small and medium-sized enterprises that implement a 4.5-day workweek, and 600,000 to 800,000 won in incentives for each new hire when additional employees are recruited while implementing the 4.5-day workweek.
However, there is significant negative public opinion regarding the idea of going on strike while earning high salaries from "interest lending" and working less. According to the Bankers Association, the earned income per employee at the five major commercial banks was 114.9 million won last year. The average salary of the five major banks in the first half of this year is 63.5 million won, surpassing those of major domestic corporations such as Samsung Electronics (60 million won) and Hyundai Motor (45 million won). With most banking operations already being conducted online, there are concerns that reducing operating hours further could increase inconvenience for vulnerable financial groups.
There are also criticisms that this is a habitual strike. The financial union had previously demanded a 30-minute delay in starting times last year, announcing a general strike. The approval rate for the strike at that time was 95%. However, the planned strike was canceled shortly before it was set to occur after the labor and management reached an agreement on some improvements to working conditions. The financial union also went on strike in 2022, demanding wage increases and reductions in working hours.