FSS, KDIC Unions Demand Seoul Relocation Plan Be Scrapped

Labor unions at the Financial Supervisory Service (FSS) and Korea Deposit Insurance Corporation (KDIC) demanded that plans to relocate the agencies from Seoul be abandoned, arguing that physical distance from financial institutions would weaken crisis response and the financial safety net. The protest came as the Lee Jae-myung administration prepares a second round of agency relocations, including the Financial Services Commission (FSC) and Personal Information Protection Commission, for Cabinet discussion on the 25th. The KDIC said more than 70% of the 2,128 trillion won in deposits it protects were concentrated in the greater Seoul area at the end of March, while 70.8% of its business trips from 2022 onward were to Seoul. The unions warned of delays, higher costs and harm to 50 million depositors, and said they would consider strikes and litigation if relocation is forced through.

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