News

Employer’s representatives, members of the Korean Bank’s Association (KBA) did not turn up for negotiations with Korean Finance Industry Union (KFIU) leaders on 7th April 2016, to revise terms and conditions of employment through a new Collective Agreement.

Kim Moon-Ho, President of KFIU, declared an all-out struggle against forces who attempt to break down the industrial negotiation system to introduce layoff and performance based wage system in the financial industry, unilaterally. 

It is reported that the CEO of the Financial Supervisory Service (FSS) Korea, has instructed the members of the Korean Bank’s Association to withdraw from industry wide wage negotiations with the trade unions in Korea. On 4th April 2016, 200 KFIU Union Leaders participated in a sit down protest, in front of FSS demanding the CEO to step down, as he has demanded seven Publicly Owned banks in Korea to disassociate from KBA, to obstruct negotiation for an industry wide collective agreement in Korea. 

Korean trade union centers, namely, FKTU and KCTU jointly declared to fight against the government’s labor reform policy which contains the toxic provisions of easier Layoff and Performance Based Wage system, and campaigning against the policies of the conservative government at the forthcoming general election scheduled for 13th April 2016.