The labor union at SC First Bank said it would continue its strike even after returning to work next week, in its ongoing battle with management over the bank’s push to introduce performance-based pay.
About 3,000 unionized workers at the local unit of Standard Chartered Plc will resume work from next Monday but they plan to stage a protest next Wednesday, union spokesman Bae Kwang-jin said.
“We’re considering staging the partial walkouts at least for the next six months,” Bae said.
The strike at SC First Bank, already the longest ever in the industry, has been scaled back after the union failed to gather public support over their protest against the proposed performance-based pay scheme. The average annual wage of SC First Bank workers, 85 million won a year, is the highest in the Korean banking industry.
SC First Bank would be the first lender to shift the industry’s seniority-based salary scheme to a performance based one if it manages to earn the support of its unionized workers.
About 300 billion won ($275 million) has been withdrawn since the walkout began on June 27.
By Cynthia J. Kim (
cynthiak@heraldcorp.com)
