South Korea financial unions prepare September action as KakaoBank strike is later canceled

South Korea’s financial-sector unions are coordinating September rallies and industrial action around demands for wage increases, a 4.5-day workweek, stronger performance-based compensation and opposition to relocating public financial institutions to regional areas. The Korean Financial Industry Union secured a strike mandate on the 12th, with 96.1% of 68,878 participating members voting in favor, and planned a resolution rally on the 28th followed by a general strike assembly on Sept. 4. KakaoBank’s unaffiliated union separately announced a five-business-day strike from Aug. 31 through Sept. 4, but later canceled it after more than six hours of negotiations produced broad common ground on key wage issues; specific terms remain unsettled. The broader labor dispute also reflects resistance to the government’s delayed second-phase relocation plan, now expected around October or November after public consultation.

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