Seoul: The labor union of internet-only Kakao Bank has announced its decision to initiate a five-day strike next week, as negotiations with management over wage increases and other benefits remain unresolved. The union has called on the bank's management to improve its wage proposals to prevent the strike, which is scheduled to take place from August 31 to September 4.
According to Yonhap News Agency, the discussions between the labor union and Kakao Bank's management have been ongoing but have yet to bridge the gap on the critical issues of pay raises and additional benefits. The union previously staged a full strike on July 31, indicating the level of dissatisfaction among its members.
In the first quarter of the year, Kakao Bank reported an operating income of 211 billion won (approximately US$143 million) and revenue of 1.94 trillion won, marking the highest figures for the bank in a single quarter. Despite these financial achievements, the union is pressing for better wage terms.
Meanwhile, unionized workers of Kakao Bank's parent company, Kakao Corp., successfully reached a final wage agreement with their management earlier this month after a protracted three-month negotiation period. The resolution at Kakao Corp. highlights a contrast in outcomes between the two entities' labor discussions.