Labor Protests Merger Steps

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Labor Protests Merger Steps

Woori Finance Holdings Co. has started integrating the electronic transaction systems of its subsidiaries, but is facing resistance from several of their labor unions.

The government-led financial holding firm began the consolidation project this week. But seven labor union members from Kyongnam and Kwangju Banks and the Federation of Korean Trade Unions met with the head of the holding company, Yoon Byung-Chul, and demanded that the integration be stopped, saying it violates agreements between management and labor. "Management agreed to suspend the integration process until June 2002," a union representative from Kyongnam said.
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