Unionized workers at South Korea's Kakao Bank have voted to strike on July 31 after wage increase and benefits negotiations with management failed to reach an agreement. The bank reported record operating income and revenue in the first quarter.
The planned strike at Kakao Bank, a major player in South Korea's digital banking sector, could disrupt services and highlight ongoing labor tensions within the broader Kakao group, impacting its operations and reputation.
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.
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