The labor union at KakaoBank has called off a general strike that had been set to begin on the 31st, after management and the union found broad common ground on the main issues in wage negotiations and agreed to continue bargaining instead.
The Kakao chapter of the Korean Chemical, Textile and Food Industry Workers' Union said on the 26th that it was canceling the walkout planned from the 31st through September 4 after reaching an agreement with KakaoBank (323410).
The union held a strike rally at the plaza outside Pangyo Station in Seongnam that afternoon, then sat down with management for wage talks that ran more than six hours from 3 p.m. The two sides emerged with a shared understanding on the key sticking points and agreed to pursue negotiations rather than a strike.
Specific terms will be set through additional talks. "This is not a situation where everything has been settled or where we have reached a tentative agreement," a union official said. "A broad understanding was formed between management and the union on the main issues, and both sides agreed that this could be wrapped up through bargaining rather than a strike." Details of the agreement will be shared with members after further discussions.
The union had earlier staged two full-day walkouts and a work-to-rule campaign before announcing a five-day all-out strike from the 31st, saying management's proposals had shown no substantive change.
KakaoBank said it found the outcome meaningful after a long stretch of dialogue and discussion between the two sides. "We will work toward KakaoBank's growth, including providing customers with even more stable financial services, using this agreement as a starting point," the company said.
