South Korean Financial Workers to Strike Over Relocation Plans

SEOUL, Sept. 3 (Yonhap) -- Unionized workers affiliated with the country's umbrella labor union will go on strike Friday to oppose the government's plans to relocate policy lenders and other public financial organizations from Seoul to provincial areas.

The Korea Financial Industry Union (KFIU), a major umbrella labor group, said Thursday its members will hold a rally in Gwanghwamun Square as planned as the government pushes ahead with its relocation scheme.

Although a detailed timeline or list of institutions subject to relocation are still murky, public financial institutions are opposed to the plan given the government's firm stance to relocate government ministries and agencies.

The KFIU also calls for a pay rise, a shortened workweek and an increase in the hiring of young people.

"We can't accept relocation plans without deep talks with interested parties," the labor umbrella group said, adding that it will hurt the lives of workers and undermine the overall financial industry.

The union demanded that the government stop pushing ahead with the process, claiming that the relocation plan is a political attempt to undermine policy lenders by excluding financial workers.

Korea Development Bank and other policy lenders are said to be subject to the relocation.

Relocation has been a long-term South Korean government project aimed at promoting balanced national development, as nearly half of the country's population resides in Seoul and its surrounding areas.

The government established Sejong City in the central region last decade and relocated major government ministries there, including the Ministry of Finance and Economy and the Ministry of Trade, Industry and Resources.

Most recently, the Ministry of Oceans and Fisheries moved to the southeastern port city of Busan at the end of last year.