1. Labor and management in the finance industry reach an agreement on 2017 industry-level collective bargaining
Labor and management in the finance industry reached an agreement to increase total wages by 2.65% during the third industry-level collective bargaining on 29 November.
This agreement was reached through representative bargaining between Young-gu Ha, chairman of the Korea Federation of Banks (KFB), and Kwon Heo, president of the Korean Finance Industry Union (KFIU) as they agreed to conclude this collective bargaining within Mr. Ha’s term as chairman.
< Industry-level Collective Agreement between Labor&Management in the Finance Industry >
| Details | |
| Wage Agreement 2017 | ㆍ Increase total wages 2.65% in 2017 (or more for low-wage workers depending on situation of each institution) |
| Central Labor-Management Council in 2017 | ㆍ Organize a labor/management taskforce for the finance industry (towards ▲improving wage systems, ▲improving efficiency of industry-level collective bargaining, ▲preventing excessive competition, and ▲improving employment security in preparation for the 4th industrial revolution)
ㆍ Establish a public foundation for social contribution projects (source of revenue: existing social contribution fund of KRW 70 billion or USD 64.7 million + KRW 30 billion or USD 27.7 million from employers (2017~2019) |
※ Labor and management in the industry decided to use part of the wage increase in 2012 and 2015 (0.3% and 0.4%, respectively, of total wages) for social contribution projects (total of approximately KRW 70 billion or USD 64.7 million)