ID :
211078
Tue, 10/04/2011 - 11:38
Auther :
Shortlink :
https://oananews.org//node/211078
The shortlink copeid
SC First Bank reopens more shuttered branches
SEOUL, Oct. 4 (Yonhap) -- SC First Bank, the South Korean unit of Standard Chartered Plc, said Tuesday that it reopened an additional nine branches that had been temporarily closed by a labor strike over its proposed merit pay system.
Chung Han-young, a bank spokesman, said that the bank resumed operations on Tuesday at eight branches in Seoul and one unit near the capital, raising the total number of reopened branches to 22.
With the latest reopenings, more than half of the 42 previously shuttered branches have resumed operations.
"Whether to open additional branches will depend on how the current situations (surrounding work slowdowns) unfold," Chung noted.
SC First Bank is the first lender operating in South Korea to seek an overhaul of the seniority-based salary scheme. Its unionized workers, who account for about half of its 6,500 bank employees, vehemently oppose the move, claiming that it is aimed merely at cutting labor costs and does not jibe with Korean culture.
More than 2,500 unionized workers launched a work stoppage in late June to protest against the merit pay scheme, causing the bank to temporarily shut down about 10 percent of its nearly 400 branches. It began reopening branches on Sept. 8.
After a two-month labor strike, unionized workers returned to work on Aug. 29, but have been staging a slowdown and held sporadic strikes.
Meanwhile, Richard Hill, chief executive of SC First Bank, will speak before lawmakers on Wednesday at a parliamentary audit session to be led by the labor committee. It is widely expected that Hill may explain the bank's position regarding the labor stoppage.
sooyeon@yna.co.kr
(END)
Chung Han-young, a bank spokesman, said that the bank resumed operations on Tuesday at eight branches in Seoul and one unit near the capital, raising the total number of reopened branches to 22.
With the latest reopenings, more than half of the 42 previously shuttered branches have resumed operations.
"Whether to open additional branches will depend on how the current situations (surrounding work slowdowns) unfold," Chung noted.
SC First Bank is the first lender operating in South Korea to seek an overhaul of the seniority-based salary scheme. Its unionized workers, who account for about half of its 6,500 bank employees, vehemently oppose the move, claiming that it is aimed merely at cutting labor costs and does not jibe with Korean culture.
More than 2,500 unionized workers launched a work stoppage in late June to protest against the merit pay scheme, causing the bank to temporarily shut down about 10 percent of its nearly 400 branches. It began reopening branches on Sept. 8.
After a two-month labor strike, unionized workers returned to work on Aug. 29, but have been staging a slowdown and held sporadic strikes.
Meanwhile, Richard Hill, chief executive of SC First Bank, will speak before lawmakers on Wednesday at a parliamentary audit session to be led by the labor committee. It is widely expected that Hill may explain the bank's position regarding the labor stoppage.
sooyeon@yna.co.kr
(END)
