KEB presses union to keep talking

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KEB presses union to keep talking

With time winding down to the merger of Korea Exchange Bank (KEB) and Hana Financial Group, KEB has proposed a framework for resolving remaining issues with its labor union by Feb. 17.

KEB on Wednesday said it wants the union to form a working level negotiation team to discuss job security, the pay system and 12 other issues.

It proposed that the negotiation group include four union members and management representatives from the human resources, talent development, labor management and strategic planning departments.

KEB also suggested the negotiations take place at 3 p.m. Monday through Friday until Feb. 17.

The Feb. 17 date is significant because it is the date when KEB’s labor union accepted the merger after Hana Financial Group bought the majority share of KEB in 2012.

Back then, Chairman Kim Jung-tai promised independent management of KEB for the next five years.

However, with the banking industry struggling under loose monetary policy pushed by the central bank and government, Kim, in hopes of securing new growth momentum through stronger synergy between the two banks, pushed for an early merger instead of waiting until 2017.

The date he has set is March.

Earlier this month, the union proposed negotiations, but set the deadline as March 13.

KEB said some employees and executives have urged the labor union to solve issues internally.

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