Members of the Korean Financial Industry Union protest against the introduction of the wage peak system during a rally held in the administrative city of Sejong on Oct. 28, 2021 in this file photo provided by the union.
SEOUL, June 6 (Korea Bizwire) — Unionized workers at South Korea’s state-run banks are taking steps to come up with countermeasures following the Supreme Court’s latest ruling that the peak wage system designed to cut the salaries of senior workers simply on the basis of their age is invalid.
The Korean Financial Industry Union plans to host an explanatory meeting on Wednesday with respect to the meaning of the top court’s ruling against the peak wage system and its legal response, according to industry sources.
The unions of state-run banks such as the Korea Development Bank, the Export-Import Bank of Korea and the Industrial Bank of Korea are reviewing the ideal of participating in the meeting.
In this explanatory meeting, a legal analysis will be conducted regarding the Supreme Court’s latest ruling on the peak wage system.
At present, multiple state-run banks are facing a string of lawsuits for the reimbursement of wages lost under the system.
Unionized workers at state-run banks are supporting such lawsuits while striving to scrap the peak wage system or to raise the age that the peak wage system begins to take effect.
There exists the potential that the number of lawsuits against the peak wage system could increase further.
Financial authorities estimated that the number of workers at state-run banks who will enter the peak wage program will reach about 1,500 next year.
J. S. Shin (js_shin@koreabizwire.com)
