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Financial workers’ strike has little impact on South Korean bank operations

South Korean authorities said the industrial action by some 10,000 unionised financial workers failed to paralyse the operations of financial institutions. The Financial Supervisory Service (FSS) said there were no systematic failures detected in all banks as no disruptions and damages were reported in customer services. The Korean Financial Industry Union, which is affiliated with the Federation of Korean Trade Unions, one of the country’s two umbrella unions, carried out a one-day general strike and demonstration at Gwanghwamun Square, central Seoul, calling for a 5.2% wage hike and the adoption of a 4.5-day work week pilot programme. It marked the first of such nationwide strikes in six years. The FSS said a total of 9,807 unionised workers participated in Friday’s rally, which accounts for 9.4% of the entire workforce in the banking sector here.

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