The National Union of Financial Industry has warned of a general strike on Sept. 4, calling for a 4.5-day workweek and efforts to block the relocation of financial institutions to regional areas. On the government's discussions on relocating financial institutions, it said it would continue its opposition until the relocation talks are completely halted, even if the announcement is delayed.

On the 28th, the union held a press briefing on the 'Sept. 4 general strike' and said it would begin its first general strike on Sept. 4 following a rally to pledge all-out struggle that day. A union-wide vote on whether to take industrial action passed with 96.05 percent in favour.

The union said that during industry-level central bargaining, the employer side has failed to provide responsible answers to key demands and has maintained an insincere bargaining attitude. It plans to launch high-intensity action, including a general strike.

Yoon Seok-gu (윤석구), the union's chair, reiterated a hardline stance on the relocation of financial institutions to regional areas.

Yoon said he agrees on the need for balanced regional development and to address the concentration in the Seoul metropolitan area. But he said the solution should not be to physically split up and move the functions of the financial industry.

He said balanced regional development should be pursued by strengthening Seoul's competitiveness as a financial hub while reinforcing the financial foundation that supports regional industries, centred on regional banks and regional financial institutions.

He also maintained the union's position even after the government delayed its announcement of a second plan to relocate public institutions to regional areas beyond what had been expected.

"Our struggle is only beginning," Yoon said. "We will continue until the relocation discussions are completely halted, not just until the announcement is delayed."

He also stressed that the relocation of financial institutions must be premised on prior consultation with workers. "This is something that needs discussion with workers, and there is also an agreement to discuss and decide in advance," he said. "Our position that indiscriminate announcements of relocation to regional areas must not happen is the same from the beginning until now."

He said no specific talks have yet taken place with the government. Yoon said he has received no separate proposals or held any discussions with government ministries or related agencies on relocation, and has not been briefed on any related matters.

Ahead of the general strike and the rally, the union recently toured major branches and collected views from workplaces. It visited branches including the Korea Development Bank, the Export-Import Bank of Korea and the Industrial Bank of Korea, as well as the NongHyup branch, and heard about issues at each branch such as relocation and employment.

It also left open the possibility of solidarity with other unions at financial institutions that have been mentioned as potential relocation targets.

"We have not talked specifically about working in solidarity so far with the Financial Supervisory Service and others," Yoon said. "But we are willing to discuss together the problems stemming from relocation to regional areas."

He also said that moving financial supervisory institutions to regional areas could lead to additional costs and inefficiencies in their work processes with financial companies.

"If the Financial Supervisory Service and others relocate to regional areas, there are accompanying costs," Yoon said. "There needs to be business-related travel between the supervisory bodies and the supervised institutions, so costs are inevitable." He added, "There is also talk that banks would bear these costs, and I think it would be a double burden of costs."

The union's key demands this time include shorter working hours through a 4.5-day workweek, prior agreement on headquarters relocation, expanded youth hiring and a youth support package, extending the retirement age and improving the wage-peak system, and wage increases that reflect inflation and economic growth.