The Financial Industry Labor Union, a higher-level organization of the banking labor union, announced the breakdown of wage negotiations this year and has once again embarked on a struggle. The financial union is demanding a 5% wage increase and the introduction of a 4.5-day work week from the management.
According to the financial sector on the 27th, the financial union is expected to apply for dispute mediation at the Central Labor Relations Commission on this day.
Applying for dispute mediation at the Central Labor Relations Commission after declaring a breakdown in negotiations is a preliminary step for a strike. Under current law, the union can secure the right to engage in disputes such as strikes when a conflict occurs concerning the determination of working conditions.
If the union is unable to find common ground in negotiations with management, it declares a breakdown in negotiations and applies for dispute mediation with the labor committee, going through a mediation period. If significant differences persist during this period and a decision is made to stop mediation, the union can conduct a lawful strike. The financial union has repeatedly forecast strikes following the application for mediation at the Central Labor Relations Commission when wage negotiation proposals break down each year.
The union held the 4th wage negotiation with the employers' council composed of bank executives the previous day. In the meeting, the union demanded a 5% wage increase, the introduction of a 4.5-day work week, and the expansion of the scope of ordinary wages. Management is reported to have proposed a 2.4% wage increase and suggested discussing the introduction of the 4.5-day work week and the expansion of ordinary wages later. Accordingly, the union declared a breakdown in negotiations.
Last year, the union also prepared for a strike while demanding the introduction of a 4-day work week and a reduction in working hours. However, as they found common ground at the last minute, the strike was canceled.