News

Standard Chartered Korea First Bank management [SCKFB] fails to reach agreements to the union’s demands for a new collective agreement; even after 30 rounds of meetings. Standard Chartered Korea First Bank Union President Kim Jae-Yool informs that the union has a legal right to strike, as the Central labour Commission has declared negotiations failed on 30^th April 2011.



In 2010 SCKFB earned 322 Billion Won as profits, and continue to pay high dividends and incentives to management.



Sales pressures on the employees are high to sell products generating higher returns, Bank plans to introduce a performance based five tier annual wage increase proposing a 45% wage reduction to the poor performers. 27 branches of the bank were closed in March 2011. Bank is trying to discontinue the early retirement scheme agreed with the union in the collective agreement.



Kim Moon-Ho President of KFIU, UNI affiliate in Korea said; “since Standard Chartered bank took over KFB in 2005, even one day was not peaceful for the union and employees, Always rocky and confrontational industrial relations has been continued. Now it has to be changed” addressing a solidarity rally of the SCKFB union members in front of the bank’s head quarters in Seoul.



Over 93 percent of the union members voted in favor of a strike action to an election held on 21^st April 2011 to resolve the dispute.