[Yonhap News Photo]
South Korea's top financial regulator warned of harsh punishment Wednesday against illegal labor union activities by high-income bankers who have threatened to stage a nationwide strike this week.
The Korea Financial Industry Union (KFIU), an umbrella labor group, has urged about 100,000 members to boycott work Friday and participate in a rally opposing a performance-based incentive wage system.
The group demanded financial regulators stay away from labor-management relations, insisting the incentive wage system could be used by banks to go ahead with easier layoffs than before.
Yim Jong-yong, chairman of the Financial Services Commission (FSC), said a strike by high wage earners in the banking sector would fuel public resentment at a time when South Korea is wrestling with massive and painful corporate restructuring.
"The Incentive wage system is aimed at providing a fair reward based on performance," he said at talks with seven bank chiefs, adding the system has been widely introduced at private companies.
"You must take disciplinary action for damages caused by illegal activities or punish them legally," Yim said.
Financial companies are under pressure to streamline their structure and eradicate an easy-going attitude and complacency.
Aju News Lim Chang-won = cwlim34@ajunews.com
reporter
Park Sae-jin
swatchsjp@ajunews.com
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