StanChart Korea bank workers end strike

About 2,500 unionised workers stopped work June 27, saying that the new system was just aimed at cutting labour costs.

Standard Chartered bank's South Korean unit said Monday its unionised workers had eased their tough stance and agreed to end a two-month strike over attempts to adopt a performance-based pay system.

SC First Bank is the first lender in South Korea to try to introduce the new system, which bank chiefs say is essential to long-term growth.

But about 2,500 unionised workers among its 6,500 staff launched a stoppage on June 27, claiming the new system was just aimed at cutting labour costs.

The longest work stoppage in South Korea's banking history prompted SC First Bank to shut 43 of its 392 branches.

"We've agreed to return to work and try to solve the dispute within a legal framework," union leader Kim Jae-Yul told AFP.

"We thought the issue could only be resolved in a long-term negotiation and a prolonged strike damages the bank and causes too much inconvenience to customers," he added.

View the full story in Business Recorder.

Follow the link for more news on

Also Read

OCBC Ignite aims to double poly graduate intake

Singapore’s big banks aim for 96% emissions cut by 2050

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit

Top News

What is Lorem Ipsum?

What is Lorem Ipsum? Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Evergreen Group obtains financing license to expand in Malaysia