Thousands of workers at Standard Chartered bank's South Korean unit launched an indefinite strike on Monday in protest at management efforts to push ahead with a performance-based pay system.
About 3,000 unionised workers of SC First Bank — almost half its employees — have joined the stoppage, said union leader Kim Jae-Yul.
Kim said management had refused to negotiate annual pay rises unless employees agree to a new performance-based wage system instead of the seniority-based compensation prevalent among South Korean firms.
'The management said it won't discuss a pay raise unless we agree that the new compensation system begins in January 2012.'
Source : New Age
