Kakao Bank labor union calls off strike after reaching agreement

The labor union of internet-only bank Kakao Bank has called off its planned five-day strike after reaching a broad agreement with management.

The union had been demanding a reform of the company's compensation system. Following extensive negotiations, which included a session lasting over six hours on August 26, both parties managed to find common ground on the key issues.

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We believe it is meaningful that management and labor have reached an agreement after a long period of dialogue and discussion.

This agreement averts a full-scale strike that was scheduled to commence on August 31 and continue until September 4. The union had previously staged walkouts on July 31 and August 14, escalating their demands with the threat of a prolonged strike.

Kakao Bank management stated, "We believe it is meaningful that management and labor have reached an agreement after a long period of dialogue and discussion." They added, "We will provide even more stable financial services to our customers through this agreement, and we will strive for Kakao Bank's continuous growth."

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We will provide even more stable financial services to our customers through this agreement, and we will strive for Kakao Bank's continuous growth.