Financial agencies' relocation plan to be reviewed August 25 amid strong opposition

Plans to relocate South Korea's Financial Services Commission and other central administrative agencies to provincial areas are moving forward, with a decision expected at a State Council meeting as early as August 25. However, financial public institutions targeted for relocation are mounting strong opposition, primarily through labor unions.

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I believe that in a war like this, elections as such are a huge risk. Elections right now are a tsunami for the country that will split Ukraine.

The Ministry of the Interior and Safety and the Ministry of Land, Infrastructure and Transport are spearheading the relocation initiative, aiming to minimize the number of agencies remaining in Seoul. Following administrative agencies, financial public institutions are now being considered for relocation. Unions at the Financial Supervisory Service (FSS) and the Korea Deposit Insurance Corporation are planning protests outside the Blue House, with the FSS union set to submit a petition signed by over 1,700 employees opposing the move. Unions at NH Nonghyup Bank and the Korea Inclusive Finance Agency have also announced protests.

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Democracy cannot be held hostage by Russia.

The nationwide union for the financial industry has threatened a general strike on September 4 if the relocation of policy banks like the Industrial Bank of Korea, Korea Development Bank, and Export-Import Bank of Korea is announced. Concerns are high regarding potential talent drain. A survey by the FSS union found that 85.6% of respondents would consider resigning if relocated. Data from the People Power Party's Park Seong-hoon shows that 481 FSS employees have resigned between 2022 and July of this year, with a significant portion being younger staff.

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We must find a legal, safe and realistic mechanism that will allow Ukraine to renew its full democratic process even in the conditions of a long war.