IBK Union Ends 22-Day Campaign Blocking Bank President from Taking Office

by Lee Eunjoo

Published 13 Feb.2026 11:29(KST)

Agreement Reached with FSC on Payment of Unpaid Allowances

The labor union of Industrial Bank of Korea announced on the 13th that it would end its campaign to block the new president, Jang Minyoung, from entering the office. The Financial Services Commission decided to apply an exception to the total labor cost cap for Industrial Bank of Korea and to pay the unpaid allowances.

Yonhap News Agency

On the 13th, the union stated, "The Industrial Bank of Korea labor union will end its 22-day campaign to block the new president from coming to work," adding, "We have reached an agreement with the Financial Services Commission to normalize the issue of unpaid wages."

However, detailed discussions are continuing regarding the specific method of payment. The union said, "The specific details are under review with the Financial Services Commission." Since January 23, the union has been demanding that the unpaid overtime allowances from the management evaluation period be paid in cash, and that this payment not be used as a reason for a score deduction on the grounds of violating the total labor cost cap during management evaluation. According to the union’s calculations, as of the end of 2024, the total unpaid overtime allowance amounts to 78 billion won, or about 6 million won per person on average.