Korea state bank workers strike over plan to relocate public institutions from Seoul
Thousands of unionized financial workers rallied in Seoul against plans to move public institutions out of the capital city, citing talent loss and disruption to families.
Members of the Korean Financial Industry Union hold a rally in Jongno District, central Seoul, on Sept. 4 as part of a general strike calling for the introduction of a 4.5-day workweek and opposing the government's plan to relocate state-run banks outside the greater Seoul area.KIM KYOUNG-ROK
Thousands of unionized workers from state-run banks went on strike in Seoul on Friday, protesting a government plan to relocate roughly 350 public institutions out of the greater Seoul area.
About 400 meters (1,312 feet) of Sejong-daero's four lanes in Jongno District, central Seoul, were filled with participants from the Korean Financial Industry Union (KFIU) wearing yellow paper hats reading “2026 Financial Union First General Strike Victory” (translated). About 14,000 union members gathered from branches nationwide for the 11:30 a.m. general strike rally, including the three major state banks — the Korea Development Bank, the Export-Import Bank of Korea and Industrial Bank of Korea (IBK) — and other financial public enterprises.
Participants in their 20s and 30s made up the majority of the crowd. They carried picket signs reading “Win real wage increases, block relocation, adopt the 4.5-day workweek” and chanted slogans including “Stop the coercive relocation of financial institutions.”
The union held a press conference the day before, announcing it would proceed with the strike as planned while demanding the adoption of a 4.5-day workweek, a 6 percent wage increase and prior consultation with the union before any headquarters relocation. “The government is undermining, on its own, the competitiveness of Seoul, which has risen to become the world's eighth-largest financial hub,” KFIU Chairman Yoon Seok-gu said the same day.
“Just as it happened with the National Pension Service after it relocated to Jeonju, we're worried that relocation will drain core talent and weaken the organization's competitiveness,” an IBK employee who attended the rally said. “I moved around the provinces several times growing up because of my parents' jobs, and after finally settling in Seoul once I got a job, the thought of having to move again to a region with no ties feels overwhelming.”
“Even within the same company, there's a clear perception that regional offices are less desirable and less competitive,” an employee surnamed Park at a state-run financial company who also attended the rally said. “Our company's headquarters is already based outside Seoul, so the relocation issue doesn't feel as urgent to us, but I think the financial sector needs to take the lead in adopting the 4.5-day workweek so it can spread to other industries.”
The Ministry of Justice's office in Gwacheon, GyeonggiYONHAP
Beyond banks and state-run financial firms, unrest is also spreading inside central government agencies as the government said Thursday it plans to relocate several of its headquarters to Sejong, about 120 kilometers south of Seoul, starting in the first half of next year — including the Justice Ministry, the Supreme Prosecutors' Office, the Korean National Police Agency (KNPA) and the Ministry of Gender Equality and Family.
“I left a regional post specifically to work in Seoul at the Korean National Police Agency, and now, with talk of a sudden move to Sejong, I'm worried about housing and my children's education,” a police superintendent who works at the KNPA said. “If we end up mixing with staff from regional police agencies after the move to Sejong, I'm also concerned the Korean National Police Agency could have a harder time securing quality personnel.”
“Talk of moving to Sejong has been going on for years, so it feels like it's finally arrived. But work trips to the National Assembly will likely become even more inconvenient than they are now,” an official at the Ministry of Gender Equality and Family said. “As civil servants, we basically have to go where we're told, so it feels like nothing will change even if we object.”
Anxiety also persists at the Financial Services Commission, which was left off the list of agencies relocating announced Thursday, but has faced speculation it could still be relocated.
“I applied to the Financial Services Commission specifically because I wanted to work in Seoul, and now I'm being told my workplace could move to a regional province overnight — it feels like I was scammed into taking this job,” an employee at the commission said. “It looks like we'll face unexpected costs, like housing, and it's frustrating that individuals are expected to bear that burden on their own.”
BY LEE AH-MI, KWAK JOO-YOUNG [lee.jian@joongang.co.kr]
This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
