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South Korean bank unions to strike over performance-based wage system

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South Korean bank unions to strike over performance-based wage system

Bank unions in South Korea plan to stage a strike to opposethe planned introduction of a performance-based wage system, according to reports in The Korea Times and Yonhap News Agency.

Oh Chi-hwa, a spokesman for the Korea Financial IndustryUnion, said the unions will hold the strike Sept. 23. The unions are opposingthe new system as it could result in layoffs, Yonhap News Agency quoted thespokesman as saying.

The Korea Federation of Banks earlier asked a consultingfirm to come up with guidelines for the proposed transition. The guidelines areexpected to be released in the week of July 18.

Banks in the country have faced increasing calls to adoptthe new system in order to streamline operations amid the low interestenvironment and competitive business environment.