Financial Sector Urged to Reconsider Its Planned Walkout

The Federation of Korean Industries, along with four other economic associations has urged the upcoming planned nationwide walkout on the 11th by those in the financial industries be put on hold.

Such advisory comes from the fear of the damage which is expected, should the walkout be carried through. They further suggested that a special committee which includes representatives from the private industry sector be formed. Five heads of associations which included Kim Gak-joong of the Federation of Korean Industries, Kim Chang-sung of the Korea Employers¡¯ Association (KEA), Park Yong-sung of the Korea Chamber of Commerce and Industry (KCCI), Kim Jae-chul of the Korea International Trade Association(KITA), Park Sang-Hui of the Korea Federation of Small and Medium Business came together for and emergency session in the building of KCCI and expressed their viewpoint and position regarding the upcoming planned walkout in the financial sector.

Cho Nam-hong, vice-Chairman of the KEA commented after the meeting, "An advisory was delivered as we see a great necessity of a "one-stop human resource employment stabilization system" for those in the financial sector. We hope the system will be able direct, train and support the human resource necessary to fill the demand in the financial industry."

The five member committee has admitted that the manufacture industry as well as other economic industries need to provide a safety net for the financial industry`s labor force which is gripped with fear of the government`s plan for financial reform. However, they strongly urged that, as the nationwide walkout would be greatly detrimental to the financial stability of all industries throughout the peninsula and may even halt the flow of trade, the walkout be called off. The committee has also asked that the government eradicates the various illegal practices of many industries through strict legal measures.

Jaryong Goo bonhong@donga.com