South Korea’s Finance Union Launches Large-Scale Strike Over Four-and-a-Half-Day Week and Relocations

South Korea’s national finance industry union launched its first general strike, bringing members from banks and public financial institutions to a rally on Sejong-daero in Seoul’s Gwanghwamun district.

The union said about 30,000 people attended, while an unofficial police estimate put the turnout at roughly 14,000. Protesters carried signs demanding real-wage increases, an end to relocations outside the capital region and the introduction of a four-and-a-half-day workweek.

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Introduce a four-and-a-half-day workweek and reduce working hours.

They chanted, “Introduce a four-and-a-half-day workweek and reduce working hours” and “Stop coercive relocation of financial institutions.”

The union said it had held more than 31 rounds of negotiations with management since April and had gone through two rounds of labor-relations mediation without reaching an agreement. Its demands also include expanded youth recruitment, prior union agreement on headquarters moves, an extended retirement age, guaranteed real-wage increases and institutional reforms.

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Stop coercive relocation of financial institutions.