South Korean financial unions protest public institution relocation

Labor unions representing the Financial Supervisory Service (FSS) and the Korea Deposit Insurance Corporation (KDIC) have launched a joint protest against the South Korean government's plan to relocate public institutions to regional areas.

During a press conference held in front of the Presidential Office, the unions argued that moving these key financial oversight bodies away from the capital would create gaps in the national financial safety net. They warned that physical distance from financial institutions could delay critical decision-making during economic crises, potentially leading to significant public losses.

The FSS union reported high levels of potential staff turnover due to the proposed move. A survey of 1,538 employees indicated that 85.6% would consider changing jobs if the headquarters were relocated, with the figure rising to 92.5% among employees under the age of 40. Specifically, 90.6% of accountants and 94.2% of lawyers within the FSS expressed similar intentions.

While the unions have threatened strikes, critics argue the opposition is an attempt to protect vested interests in Seoul. The government is expected to review plans for the second phase of public institution relocation during a cabinet meeting, which may include the Financial Services Commission and its affiliated agencies.