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UNIONISTS OF KOREA'S KEB CREDIT AGREE TO RETIREMENT, END STRIKE.
SEOUL, March 1 Asia Pulse - Unionists and management at KEB Credit Service Co., South Korea's third-largest card company, reached an agreement Saturday to end a strike and implement a voluntary retirement package system.
Instead of the layoffs threatened by the management, the two sides agreed on the retirement of 231 employees, about 35 percent of the company's full-time workforce.
Over 200 workers had applied for retirement as of noon Saturday.
"With the cooperation of the union, it will be no problem to achieve the retirement quota," said an official of Korea Exchange Bank (KEB) (KSE:004940), the parent firm of the credit card service.
The unionists agreed to return to work from Tuesday.
This agreement was seen by analysts as a kind of win-win situation for both sides.
The management decreased the size of the workforce cut from 54.7 percent to 35 percent avoiding its computer system breakdown due to the long-term strike while union members decided to cooperate with the voluntary retirement system instead of facing layoffs.
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Source: HighBeam Research, UNIONISTS OF KOREA'S KEB CREDIT AGREE TO RETIREMENT, END STRIKE.