No end in sight

Posted on : 2011-07-19 15:28 KST Modified on : 2019-10-19 20:29 KST

   

SC First Bank employees on Monday move to a site near Mt. Seorak, Gangwon, from a resort in Sokcho where they stayed for a strike in protest of adopting a performance-based pay system since June 27.

The strike at the South Korean unit of Standard Chartered Plc. has entered its fourth week and already recorded the longest work stoppage in South Korea’s banking history. Close to 1 trillion won ($942 million) in deposits is estimated to have been withdrawn due to depositors’ ballooned fear, with 43 branches closed.

The Financial Supervisory Service (FSS) ordered SC First Bank Monday to tighten up its liquidity management, saying, “Measures should be taken to prevent financial accidents and customer inconveniences. The management and union should settle the dispute as soon as possible.”

While there is no end in sight for the prolonged strike, the bank management and the labor union agreed to resume negotiations. SC First is the first bank in South Korea to introduce a performance-based pay system.

Out of 6,500 bank employees, half are union members and the labor union estimates that about 2,900 have participated in the strike.

(Photo by Yonhap News)

 

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