Standing on the stage of the first general strike site in three years on the 26th, the secretary-general of the Korea Finance Industry Union (financial union) called for a 3.9% increase in real wages and the introduction of a 4.5-day workweek, saying, "This is the demand of all workers in the Republic of Korea and an urgent cry for survival that shapes our lives." The official added, "The core of the 4.5-day workweek is to revive the collapsing birthrate and the economy," and said, "The aim is to increase time with family and to boost local commercial districts and the film industry." The official also criticized the media for dismissing their demands as greed.
As the speech ended, with BTS's Fire playing, hand placards reading "Win a real wage increase, a 4.5-day workweek that will change tomorrow" were waved above union members' heads, and chants of "Raise real wages, reduce working hours" rang out. Next to them, a kindergarten teacher's shout to children on a field trip to "hold hands" and a police officer's whistle to control traffic were drowned out. The average annual salary of commercial bank employees out on the street is 120 million won. The annual salaries of a kindergarten teacher (24th grade on the national/public pay scale) and a police officer (inspector, 10th grade) are around 50 million won.
Although the financial union launched a general strike for the first time in three years, few office workers sympathized with the financial union's cry from what is called a dream job. As the union failed to gain support even internally, the momentum of the strike is expected to weaken.
On this day, Kim Hyeong-seon, chairperson of the financial union, demanded the full introduction of a 4.5-day workweek, a 3.9% wage increase, expanded hiring of new employees, and an extension of the retirement age, and said, "We declare a general strike to win a 4.5-day workweek." According to an unofficial police estimate, about 8,000 union members took part in the strike rally.
The financial union criticized major banks for recording all-time high net profits yet offering a 2.4% wage increase. Considering inflation and other factors, it is effectively a wage cut, the union said. It also said the financial sector should take the lead in introducing a 4.5-day workweek so that it can expand across industries.
Kim Jeong, chairperson of the KB Kookmin Bank branch, said, "Labor intensity has increased as the financial sector's workforce has shrunk," and added, "The world will by no means regress if working hours are reduced by 0.5 day." Another union member said, "Real wages have been steadily declining for more than ten years, yet we have worked really hard," and asked in return, "Who is calling whom vicious?"
But voices inside and outside the financial sector say it is hard to accept the financial union's claims. They argue it is contradictory to ask for higher pay when working hours would be reduced if a 4.5-day workweek is introduced. Some also question whether guaranteeing Friday evenings would raise the birthrate.
Skeptical voices about the 4.5-day workweek and other demands are said to be emerging within the financial union as well. Reports also say not many union members actually joined the strike. The financial union had initially expected about 80,000 of its roughly 100,000 members to take part.
According to the financial sector, the Shinhan Bank branch did not participate in this strike due to low voter turnout. The KB Kookmin Bank and NH Nonghyup Bank branches each had fewer than 100 participants, and Woori Bank was said to have around 100. IBK Industrial Bank of Korea, to which the financial union chairperson belongs, had 1,477 participants. The strike is effectively expected to center on state-run banks such as IBK Industrial Bank of Korea and Korea Development Bank.
Major banks also prepared countermeasures, including deploying substitute personnel, in anticipation of the general strike. Reports said there were not many consumer complaints caused by the actual strike. The financial union plans to take additional action if negotiations with management do not proceed smoothly.