As the government pushes to transfer public institutions in the greater Seoul area to the provinces, the labor union of the Financial Supervisory Service (FSS) is reviewing the possibility of collective action in opposition. The FSS union opposes the move, citing financial consumer harm and work inefficiency, and plans to hold discussions with management on the transfer.

According to the financial industry on the 18th, the FSS union plans to soon ask management to discuss the provincial transfer. The FSS union plans to ask management to respond together with the union by expressing its opposition to the transfer. The FSS union is also currently reviewing the need for a strike and rallies.

Last year in September, union members of the Financial Supervisory Service hold a protest in the lobby of the Financial Supervisory Service in Yeouido, Seoul, opposing recent reforms to the financial supervision system, including separating the consumer protection bureau within the FSS and designating it as a public institution./Courtesy of News1

The FSS union issued its first statement the previous day expressing opposition to the provincial transfer. Emphasizing that more than 80% of financial complaints are concentrated in the greater Seoul area, they said, "The physical separation from the front lines of financial supervision will lead to serious financial consumer harm," and added, "To conduct face-to-face meetings for the hundreds of permits and approvals, various filing acceptances, and on-site inspections of financial companies that occur every year, FSS employees would have to make reverse business trips to Seoul, creating inefficiencies."

The Ministry of Land, Infrastructure and Transport is currently classifying about 350 public institutions located in the greater Seoul area as subjects for review for provincial transfer and is drawing up a list of relevant institutions. The government aims to announce, as early as the 25th of this month, the second-phase provincial transfer roadmap for public institutions and the target institutions, and to push the transfer starting next year. It is reported that the discussion is oriented toward minimizing retention in the greater Seoul area and pursuing dispersed placement.

State-run bank unions are preparing collective action. The National Financial Industry Labor Union, which includes Korea Development Bank (KDB), Industrial Bank of Korea (IBK)Industrial Bank of Korea (IBK)(024110), and The Export-Import Bank of Korea, plans to launch a general strike near Gwanghwamun in Seoul on the 4th of next month. Of the 87,287 members on the rolls, 96% (83,988) voted in favor of the industrial action.

An FSS union official said, "We will keep all options open, talk with management, and flesh out our plans going forward."

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