The Korea Federation of Banks-led National Financial Industry Labor Union (Financial Union) under the Federation of Korean Trade Unions held a general strike in Gwanghwamun, Seoul, on the 26th. They demanded a pay raise along with the introduction of a "4.5-day workweek," which would reduce weekly work by a half day from the current level.
Office workers and self-employed people watching the strike said, "I can't even take proper vacation," and "I work seven days a week because I can't hire part-timers."
◇ Financial Union Chairperson: "Were we born to labor?"
At 11 a.m. that day, the Financial Union occupied about four lanes over roughly 500 meters on Sejong-daero in Gwanghwamun and held a general strike rally. An unofficial police estimate put attendance at 8,000.
The number of attendees reported to police was 30,000. At commercial banks, participation was low, with only about 50 to 100 people, mainly union officials, coming to Gwanghwamun. Shinhan Bank did not join the strike. However, the Industrial Bank of Korea saw more than 1,000 attendees because Financial Union Chairperson Kim Hyeong-seon concurrently serves as head of the bank's chapter. In addition, local banks and financial public corporation union members joined the strike.
President Lee Jae-myung pledged during the presidential campaign to reduce working hours to below the average of the Organization for Economic Cooperation and Development (OECD) member countries by 2030. He also adopted the "4.5-day week initiative" as one of his state tasks. The government plans to prepare a law to support the reduction of actual working hours and a program to support a 4.5-day week within this year. Ahead of this, the Financial Union launched a general strike to pressure management.
The Financial Union demanded from management: a pay raise; the introduction of a 4.5-day week; an extension of the retirement age; expanded new hiring; and an expansion of ordinary wages. Chairperson Kim Hyeong-seon said, "A 4.5-day week is by no means a selfish claim," adding, "Were we born to labor? We were born to be happy." Kim also said, "Are we not entitled to enjoy more?" According to the Financial Supervisory Service, the average annual salary of employees at the four major commercial banks—KB Kookmin, Shinhan, Hana, and Woori—was 118 million won last year.
◇ Office worker: "Not sure a 4.5-day week is feasible… Bank employees are already resting well"
Financial Union members wore matching white T-shirts featuring the number "4.5." Holding placards reading "A 4.5-day week to change tomorrow" and "Win real wage increases," they shouted slogans.
Yu, a 27-year-old office worker, watching the scene, said, "At manufacturing firms, even taking leave draws looks," adding, "Aren't they already well paid? Those who have more want more." Yu then said, "I'm not sure a 4.5-day week is feasible." Park, a 38-year-old office worker, said, "Bank employees take their time off regularly. Start by changing the practice of closing around 4 p.m., which inconveniences customers."
A convenience store owner near Gwanghwamun, identified as A, said, "The economy is tough—this is a fat complaint," adding, "If I hire staff, nothing is left over, so I work seven days a week." Kim, 58, who works at a Korean restaurant, said, "We work six days a week but our pay is low. What more should we expect?"
Bank employees also reacted negatively. Jeong, 31, said of the union, "Public opinion about bank employees is already unfavorable. Please fix frontline sales issues rather than pushing political claims like a 4.5-day week." Kim, 33, said, "I don't really see why we need to introduce a 4.5-day week."
◇ "Support for a 4.5-day week" 74% among regular employees, 45% among the self-employed
Polling shows more favorable views toward a 4.5-day week. When Korea Research asked in February about "introducing a 4.5-day workweek," 61% said they supported it, higher than "opposed" at 35%.
Among regular employees, 74% supported introducing a 4.5-day week. Among non-regular workers, support was relatively lower at 58%. Only 45% of the self-employed supported it. Sixty percent of respondents said that even if a 4.5-day week is implemented, wages should be maintained at current levels.
The introduction of a 4.5-day week has also been controversial recently in the entertainment industry. On the 12th, TV personality Park Myung-soo said on his radio show, "I'm a freelancer, so I work even during Chuseok. There is also the position of corporations," adding, "We need sufficient discussion. In a situation where the economy isn't good, corporations must survive for us to survive together."
After the remarks circulated, internet users posted a range of opinions on online communities and on Park's social media (SNS). One internet user said, "He speaks without knowing the reality of ordinary office workers." Others wrote, "It makes no sense to unilaterally push a 4.5-day week when they're not creating profits by working less," and "Even Nvidia, No. 1 in the world by market capitalization, sometimes works seven days a week until 2 a.m."