Arab Today, arab today sc first bank labor union to return to work next week in s korea
Last Updated : GMT 03:54:11
Arab Today, arab today
Arab Today, arab today

SC first bank labor union to return to work next week in S. Korea

Arab Today, arab today

Arab Today, arab today SC first bank labor union to return to work next week in S. Korea

Seoul - Yonhap

Striking workers at SC First Bank will likely return to work as early as next week, albeit at a slower pace, ending their all-out work stoppage that started in June in opposition to the bank\'s move to adopt a merit pay scheme, the lender\'s labor union said Monday. Unionized workers at the Korean unit of Standard Chartered Plc have decided to partially return to work, said Chang Chang-hwan, a spokesman for the labor union, but will stage slowdowns from Monday to Thursday and hold a rally every Friday until their requests are accepted. \"Unionized members plan to resume work, but will continue to stage a partial strike until their demands are met,\" he said. The union said its members plan to return to work starting Aug. 29. Irked by a management plan to adopt a performance-based pay system, about 2,900 unionized workers at the Korean unit of Standard Chartered Plc have been on strike since late June at a resort in Sokcho, 213 kilometers east of Seoul. The walkout marked the longest strike in the history of the local banking sector. Out of 6,500 bank employees, half are unionized workers. SC First Bank is the first lender operating in South Korea to seek an overhaul of the seniority-based salary scheme, eliciting strong opposition from its labor union, which says the move is merely an effort to cut labor costs and does not jibe with Korean culture. But the management, led by chief executive Richard Hill, was also adamant in introducing the pay system, saying that the bank cannot continue to pay out high salaries without growth. The strike has strained both the management and the labor union as the prolonged walkout is increasing inconveniences for bank customers. The bank has temporarily shut down about 10 percent of its nearly 400 branches. Both sides failed to reach a breakthrough in negotiations held early Monday, which the government arranged and mediated. The management earlier suggested a revised proposal to the labor union like the creation of a task force to discuss the issue of adopting the merit pay system. But it could not narrow the gap with the labor union over issues such as an early retirement system and how to deal with underperforming employees.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today sc first bank labor union to return to work next week in s korea Arab Today, arab today sc first bank labor union to return to work next week in s korea

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today sc first bank labor union to return to work next week in s korea Arab Today, arab today sc first bank labor union to return to work next week in s korea

 



Arab Today, arab today Etiquette expert calls for short visits

GMT 16:21 2017 Monday ,26 June

Etiquette expert calls for short visits
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday