Kakao has signaled the possibility of its first general strike since its founding in 2006, but KakaoBank does not plan to take part. The company cited ongoing progress in negotiations and scheduling conflicts. The stance contrasts with Kakao Pay, another financial affiliate, which is actively joining the strike.
According to the financial sector on the 12th, KakaoBank labor and management have been negotiating wages for six months since January. A KakaoBank union official said, "Management is accepting part of the union's demands. There is progress in the talks." KakaoBank labor and management are also scheduled to meet on the 18th for further bargaining.
Regarding whether to join the general strike announced by Kakao headquarters' union, this official drew a line, saying, "It is not the stage to discuss a strike because talks are underway. It is also impossible to join the general strike due to scheduling."
Earlier, the Kakao chapter of the Korean Chemical, Textile and Food Workers' Union (Kakao union) held a partial strike on the morning of the 10th. It then said it will hold a second strike on the 29th. A likely method is a "use of annual leave" action in which members take paid leave and do not work. While it signaled a general strike with all 5,000 members participating, KakaoBank will not join.
Unlike KakaoBank, the Kakao Pay union, whose wage talks collapsed at the end of last month, is active in joining the strike. Five entities—including Kakao Pay, Kakao headquarters, Kakao Enterprise, DKTechin, and XLGAMES—plan to join the second strike at the end of this month following the recent partial strike.
The key condition the Kakao union is demanding from management is performance bonuses. According to the industry, management proposed a level equivalent to 10% of annual operating profit, combining cash and company stock. The union's demand is 13% to 15%. However, it is known that the detailed conditions vary somewhat by affiliate.
Industry watchers say KakaoBank has no reason to take a hard-line strike stance like other affiliates. A financial industry official said, "KakaoBank has been posting record results every year, and its external image is strong, so monthly active users (MAU) keep increasing. Labor-management relations are not bad, as far as I know. The union has no need to make excessive demands and create conflict."