Labor and management reach broad agreement on key wage negotiation issues

Six-hour marathon talks Wednesday end in breakthrough

Union: 'Not a tentative deal yet — negotiations will continue'

Kakao Bank union members hold a strike rally at Pangyo Station Plaza in Seongnam on Wednesday. [Crew Union]
Kakao Bank union members hold a strike rally at Pangyo Station Plaza in Seongnam on Wednesday. [Crew Union]

Kakao Bank's labor union has called off a planned five-day general strike that had been set to begin Monday, after labor and management reached a broad agreement on the key sticking points in wage negotiations.

The Kakao Bank chapter of the Korean Federation of Chemical, Textile, Food and Allied Industry Workers' Unions announced Thursday that it was canceling the general strike scheduled for Monday through Sept. 4, citing an agreement reached between the two sides.

The union held a strike rally at Pangyo Station Plaza in Seongnam on Wednesday afternoon before sitting down with management for more than six hours of wage talks starting at 3 p.m. "A broad-framework agreement has been reached," the union said, adding that specific terms and details would be shared with members through union channels as soon as they are finalized.

However, a full resolution is expected to take more time. A union official said the situation was "not one where a complete or tentative agreement has been reached," explaining that both sides had agreed the major issues were close enough in principle that the dispute could be resolved through continued negotiations rather than a strike.

The union had previously staged two one-day walkouts and a work-to-rule campaign, but said management's proposals had not changed meaningfully, prompting it to announce five consecutive days of full strike action beginning Monday.

Kakao Bank said it was "deeply meaningful" that labor and management had reached an agreement after a long period of dialogue and discussion. "We will use this agreement as a foundation to provide customers with more stable financial services and work toward Kakao Bank's continued growth," the company said.


won@heraldcorp.com