Key facts
- Unionized workers at Kakao Bank have voted to strike on July 31.
- Negotiations with management over wage increases and benefits have failed.
- Kakao Bank achieved record operating income of 211 billion won and revenue of 1.94 trillion won in the first quarter.
- Kakao Corp., the parent company, has also been experiencing a labor dispute for two months.
Unionized workers at South Korea's leading internet-only bank, Kakao Bank, have voted to commence a full-scale strike on July 31. This decision follows the breakdown of negotiations between the labor union and management concerning wage increases and other benefits.
Despite the labor dispute, Kakao Bank reported significant financial success in the first quarter of the year, achieving record quarterly operating income of 211 billion won (US$143 million) on revenue of 1.94 trillion won. The parent company, Kakao Corp., has also been embroiled in labor issues, with wage negotiations deadlocked for the past two months.
Union members at Kakao have previously participated in industrial actions, including a partial strike in early June and a full-day strike on June 29.