[THE INVESTOR] The Korean Financial Industry Union announced on July 20 that it will stage a nationwide strike in September.

The union put the strike plans to the vote on July 19, and 95.7 percent of the voting members approved the plans. 

The industry union said that of the 95,168 members, 82,633 participated in the vote.

If the financial union goes ahead with the plans, it will be the first time since September 2014 that the union will go on a nationwide strike. 


“The fact that the item was approved with overwhelming support shows the anger at the performance salary system,” the union said.

One of the main sticking points in this year’s negotiations is the local financial institutions’ plans to introduce a new salary system that could lead to as much as 40 percent difference in the salaries of workers on the same pay grade, depending on their performance.

The union claims that the system will ultimately allow companies to sack workers more easily.

By Choi He-suk (cheesuk@heraldcorp.com)