Negotiations Reached: Citibank Korea’s Labor Union Agrees on Amended Restructuring Plan | BusinessKorea

Saturday, September 23, 2017

Citibank Korea and its labor union have finally reached an agreement on July 13 on an amended restructuring plan to shut down 90 branches, instead of the initially planned 101.
Citibank Korea and its labor union have finally reached an agreement on July 13 on an amended restructuring plan to shut down 90 branches, instead of the initially planned 101.
SEOUL,KOREA
14 July 2017 - 1:45pm
Yoon Yung Sil

Citibank Korea, the South Korean unit of Citigroup Inc., and its labor union have finally reached an agreement on July 13 on an amended restructuring plan to shut down 90 branches, instead of the initially planned 101, and to offer irregular workers regular positions.

Citibank Korea’s unionized workers voted on the new plan settled with the company in the negotiations and 1,561, or 73 percent, out of 2,141 participants came out in favor of the plan. Accordingly, the company’s management and union will hold an agreement signing ceremony on the 14th.

Citibank Korea originally planned to close 101 out of its 126 branches but its labor union protested against the large-scale streamlining plan. Later, the two parties have temporarily agreed on the amended plan to shut down 90 branches in the negotiations.

The new agreement includes a 2.7 percent raise of of workers’ monthly basic wages, a performance-based bonus of 76 percent of their monthly basic wages and a special bonus of 150 percent.

 

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