Thousands of South Korean bank union workers rally in Seoul against possible headquarters relocation
Quick Look
Approximately 15,000 unionized workers from South Korea's state-run banks protested in central Seoul on Friday against the government's potential plan to relocate their headquarters out of the capital, demanding a 6% wage increase, a 4.5-day workweek, and extended retirement age.
AI-generated summary
Why It Matters
The South Korean government is considering relocating government agencies and public institutions from the capital region to reduce concentration in Seoul, though no detailed list has been unveiled yet.
SEOUL, Sept. 4 (Yonhap) -- Thousands of unionized workers from state-run banks staged a massive street rally Friday in central Seoul to protest the government's possible plan to relocate their headquarters out of Seoul.
According to unofficial police estimates, about 15,000 members of the Korean Financial Industry Union (KFIU) gathered in the downtown Gwanghwamun area, under a one-day walkout, the first of its kind staged by the union since September 2025.
Many of those taking part in the street protest rally were said to be unionized workers of three policy lenders -- Korea Development Bank (KDB), Export-Import Bank of Korea (EXIM) and Industrial Bank of Korea (IBK).
The government has yet to unveil a detailed list of government agencies and public institutions to be relocated under its plan to lessen government concentration in the capital region, but many believe the three policy lenders, as well as financial authorities such as the Financial Supervisory Service, will likely be included in the list, among others.
In addition to expressing their opposition to a possible relocation, the unionized workers are also demanding a 6 percent wage increase, along with the introduction of a 4.5-day workweek and an extension of retirement age.
What to Watch
AI outlook โ possibilities, not facts
The government will announce a detailed relocation list for public institutions in the coming months
Likely ยท Within months
Unionized bank workers will continue protests or take further industrial action if relocation plans proceed
Possible ยท Within weeks
Open Questions
- Which specific agencies and institutions will be included in the relocation list?
- When will the government finalize and announce the relocation plan?
- How will the proposed 4.5-day workweek be implemented in the banking sector?
