KakaoBank Union to Hold Full-Scale Strike on July 31... "Wage Negotiations Collapsed"
Management Offers 10% of Operating Profit as Bonus, Including Cash and Company Shares
Union Demands 10 Million Won Bonus in Addition to Existing Stock Compensation
The KakaoBank labor union has announced a full-scale strike for one day on July 31 as wage negotiations with management have collapsed.
On July 21, Seungwook Seo, head of the Kakao branch of the Korean Federation of Chemical, Textile, Food Industry Unions under the Korean Confederation of Trade Unions, stated at a picket protest held at the Kakao Agit in Pangyo, Seongnam, Gyeonggi Province, "We have decided to conduct a full strike at KakaoBank alone on July 31."
Seo pointed out, "The company did not actively participate in the negotiations, and the gap between labor and management could not be narrowed."
It is reported that the KakaoBank union decided on the all-day strike after completing related procedures such as a strike vote. However, they did not disclose any additional strike schedules for other affiliates, including Kakao headquarters.
The labor and management sides at KakaoBank failed to reach an agreement regarding wage negotiations during a mediation meeting at the Gyeonggi Regional Labor Relations Commission the previous day, and the commission decided to suspend the mediation process.
KakaoBank management has stated its intention to pay a performance bonus amounting to about 10% of operating profit, including cash and treasury shares. In contrast, the union is demanding a performance bonus of 10 million won (amounting to 13–14% of operating profit) separate from the previously granted 5 million won in restricted stock units.
The union estimates that approximately 300 people, including members of the KakaoBank union, participated in the picket protest held at Kakao headquarters that day.
Participants wore black short-sleeved shirts and black masks, holding placards with phrases such as "Negotiate sincerely," "Distribute our achievements fairly," "Stop management monopoly," and "The company should pursue win-win, not monopolize profits," while chanting slogans.
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This picket protest was the first collective action by the Kakao union in 22 days since the "Logout Day" on June 29, when union members used annual leave or took time off and temporarily stepped away from work.
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