A plan for the second round of local transfers of central administrative agencies, including the Financial Services Commission, is expected to go before the Cabinet meeting as early as next week. The issue of transferring related public institutions, including the Financial Supervisory Service and state-run banks, also appears likely to pick up speed.
According to the government on the 23rd, there is a possibility that local transfer plans for the Financial Services Commission (FSC), the Personal Information Protection Commission, and the Ministry of Gender Equality and Family will be discussed at the Cabinet meeting on the 25th.
Currently, the Ministry of the Interior and Safety is pursuing the transfer of central administrative agencies, while the Ministry of Land, Infrastructure and Transport is pursuing the transfer of public institutions. The Ministry of Land, Infrastructure and Transport (MOLIT), which is promoting the local transfer of public institutions, is collecting opinions from the institutions subject to transfer under the principle of minimizing those that remain in Seoul.
If discussions on the transfer of administrative agencies such as the FSC become concrete, the transfer of affiliated and related public institutions is also highly likely to be addressed together. In response, opposition to local transfers is spreading in the financial sector.
The Financial Supervisory Service labor union and the Korea Deposit Insurance Corporation (KDIC) labor union plan to hold a joint press conference in front of the Blue House on the 24th to express their opposition to local transfers. They argue that local transfers could weaken the financial safety net and lead to harm to financial consumers.
A survey of 1,538 union members by the FSS union found that 85.6% of respondents would consider changing jobs if a local transfer is finalized. Responses saying they would actively consider changing jobs came to 69.7%.
The likelihood of losing specialized personnel appeared even higher. Among certified public accountant staff, 90.6%, and among attorney staff, 94.2% said they would consider changing jobs.
The National Agricultural Cooperative Federation, the Korea INclusive Finance Agency (KINFA), and the Korea Teachers' Credit Union labor union also plan to hold a press conference in front of the Blue House on the 25th calling for a halt to local transfers. The Korean Financial Industry Union said that if the government pushes ahead with the local transfer of state-run banks, it will launch a general strike on the 4th of next month.