Industrial Bank of Korea (IBK) reached a final agreement with the labor union to pay unpaid allowances, and Jang Min-young, the IBK president, will hold an inauguration ceremony on the 20th.
According to the financial sector on the 19th, Industrial Bank of Korea (IBK) labor and management reached a final agreement on the 2025 wage bargaining proposal on the 13th. The agreement includes the intent by both sides to normalize the issue of unpaid allowances.
The union had claimed the unpaid allowances were around 150 billion won, while the tentative agreement amount previously mentioned was around 83 billion won. However, this is not finalized, and specific details such as the payment amount and timing are expected to be finalized at the Management Budget Deliberation Committee after consultations between Industrial Bank of Korea (IBK) and the Financial Services Commission.
In addition, labor and management signed the agreement to pursue ▲ an increase in employee stock ownership ▲ expanded real compensation ▲ improvements to management evaluations ▲ reductions in workloads. However, the union said it would not stop efforts to secure an exception to the public institution "total personnel cost system" for Industrial Bank of Korea (IBK).
Under this labor-management agreement, Jang will hold an inauguration ceremony at the Industrial Bank of Korea (IBK) headquarters in Jung-gu, Seoul, on the 20th. It comes about a month after the appointment on the 23rd of last month.