The Industrial Bank of Korea (IBK) labor union said on the 13th it will end its 22-day campaign to block newly appointed President Jang Min-young from reporting to work. The Financial Services Commission applied an exception to IBK's total personnel cost system and decided to pay 83 billion won in unpaid allowances.

The union said, "The Financial Services Commission (FSC) and the union have aligned their positions to normalize the wage arrears issue," and added, "Specifics are under review with the Financial Services Commission (FSC)."

At the Industrial Bank of Korea (IBK) headquarters in Jung-gu, Seoul on the 10th, Jang Min-young, president of Industrial Bank of Korea (right), talks with Ryu Jang-hee, head of the Industrial Bank of Korea labor union. /Courtesy of News1

Starting on the 23rd of last month, the union staged a campaign blocking Jang from reporting to work, demanding payment of unpaid overtime allowances related to the total personnel cost system. The Industrial Bank of Korea (IBK) substituted compensatory leave for payment when overtime allowances exceeded a certain cap. The union argued that, in practice, there were limits to using compensatory leave, effectively amounting to wage arrears. As a result, until the 22nd day, Jang was unable to report to work at IBK's headquarters on Eulji-ro in Jung-gu, Seoul, and worked from an external office.

The Financial Services Commission (FSC), the Industrial Bank of Korea (IBK), and the union agreed to continue additional discussions on the specific scope of unpaid allowances, payment methods, and remaining compensation issues.

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