Compromise likely in bank union strike

It is more likely now that the Korean Financial Industry Union would reach a compromise with the government by narrowing the difference in each other`s position. KFIU postponed the general strike to 8:00 a.m. Tuesday, but the union officials threatened that it would go on strike as soon as the ongoing negotiation ends in failure

Lee Hun-Jae, Minister of Finance & Economy, and Lee Yong-Keun, head of the Financial Supervisory Commission, had talks with KFIU president Lee Yong-Deuk from 10:00 p.m. Monday night at the Bank Hall in Myungdong, Seoul. They agreed to form a working-level committee to discuss details about pending issues.

Kim Byung-Suk, spokesman for the labor-management-government committee, said that the three parties narrowed the difference in each other`s position and that the working-level committee will negotiate over night. He noted that the proposals will be handed over to the main conference where the working-level officials will participate.

Kim said that the working-level committee will deal with the agenda to be proposed by the KFIU and the government is likely to offer a reserved proposal, noting that the union said that it won`t go on strike while the negotiation continues.

As the government called for a meeting at night all of a sudden, KFIU held talks from 10:00 p.m. on that day between Financial Supervisory Commission head Lee Yong-Keun and KFIU president Lee Yong-Deuk to tackle the pending issues, which lasted through the early in the next day`s morning.

Yoon Tae-Soo, chairman of KFIU`s PR committee, said that the government informed KFIU that it has a concrete plan for negotiation later in the day and KFIU has decided to accept such a request for negotiation. Meanwhile, nearly 30,000 KFIU members gathered at Yonsei University and Myungdong Cathedral to celebrate the eve of nationwide strike.