Industrial Bank of Korea paid its employees about 20 billion won in back overtime pay.

According to Industrial Bank of Korea on the 14th, about 13,000 current and former employees received a total of 20.9 billion won in back unpaid overtime pay for the period from December 19 of last year to the end of June this year, following an agreement on wage and collective bargaining negotiations.

The view of IBK Industrial Bank. /Courtesy of News1

Earlier this January, the Supreme Court issued a remand ruling in the second trial concerning the overtime wage lawsuit filed by the union of the Industrial Bank of Korea and retirees against the company.

As a result, the possibility that the regular bonuses claimed by the union will be included in the standard wage has increased. The management and labor agreed to recalculate the standard wage based on the increased overtime pay since the end of last year and distributed it additionally on that day.

An official from the Industrial Bank of Korea noted, “Although a final ruling has not yet been made, we have paid some retroactive overtime pay based on the new standard wage” and added, “The Financial Services Commission also approved this retroactive pay as an exception to the total labor cost system.”