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  • Special Prosecutors Charge Key Military Figures in VIP Anger Cover-Up
    Special Prosecutors Charge Key Military Figures in VIP Anger Cover-Up The Special Prosecutors' Office has indicted several key military figures in connection with allegations of covering up the 'VIP anger' related to the death of Marine Private Cha Soo-geun and the preparation for martial law on December 3.On August 21, the Special Prosecutors' Office announced that Hwang Yoo-sung, former head of the National Defense Security Command, Moon Yeon-cheol, former head of the Marine Corps Intelligence Unit, and Kim Gye-hwan, former commander of the Marine Corps, have been indicted without detention.The prosecutors stated, "From around August 15, 2023, they directed the preparation of a surveillance report on former Marine Corps investigation chief Park Jeong-hoon while instructing to cover up the VIP anger and warned the public relations officer not to disclose it. This is the essence of the charges against them."Additionally, the prosecutors have charged Yeo In-hyung, former head of the National Defense Security Command, and Lee Jin-woo, former commander of the Army's 2nd Operational Command, with abuse of power for allegedly creating a joint investigation team and a 'Guardian TF' for the purpose of illegal martial law.According to the investigation, Hwang and Moon are accused of illegally intervening in the handling of the Marine's death from late July to August 2023, attempting to block information related to the 'VIP anger' and systematically covering it up.During this time, the intelligence unit directed the preparation of a surveillance report on Park while engaging in a series of calls with key officials immediately after a meeting with the chief secretary of the presidential office to manage the situation and control information.Notably, Moon reported to former commander Kim Gye-hwan that "Park knows about the VIP anger and may expose it, so we need to stop him," and pressured Lee Yun-se, the public relations officer, during a meeting at a restaurant in Hwaseong, Gyeonggi Province, in August 2023, telling him not to spread "unnecessary talk." Kim is also facing charges related to coercing interviews during this cover-up process.Furthermore, the prosecutors confirmed evidence that the intelligence and operational commands planned and established a system for martial law prior to the declaration on December 3, leading to the charges against Yeo and Lee for abuse of power.The prosecutors believe that the intelligence unit finalized the 'Joint Investigation Headquarters Operation Plan' document on February 20, 2024, and that during the U.S.-South Korea joint exercise in March, they concretized preparations for martial law by involving troops from the operational command in the establishment ceremony of the joint investigation headquarters. They also view the memorandum of understanding signed with the National Investigation Headquarters in June as a strategy to facilitate the mobilization of investigative personnel during martial law.Lee Jin-woo is accused of illegally forming and operating a separate special task force called 'Guardian TF,' deviating from normal military command and anti-terrorism procedures. This shadow organization, centered around the 2nd and 35th Special Operations Battalions, was reportedly deployed to the National Assembly on the night of the martial law declaration under Lee's direct orders.Additionally, the prosecutors have indicted Kim Dong-hyuk, former head of the Defense Ministry's prosecution office, for creating false documents and other charges. They stated that Kim included four false claims in the arrest warrant application for former investigation chief Park, asserting that the VIP anger was false and delusional.Having completed the initial investigation into the organized obstruction of justice by military leadership and the illegal preparation for martial law, the Special Prosecutors' Office plans to conclude the investigation on August 24 and transition to a formal prosecution phase. 2026-08-21 17:52:20
  • Samsung expects up to 110 trillion won in shareholder returns this year
    Samsung expects up to 110 trillion won in shareholder returns this year SEOUL, August 21 (AJP) - Samsung Electronics expects to return as much as 110 trillion won ($79.5 billion) to shareholders this year, setting up the largest shareholder return in the company's history as strong cash generation boosts funds available for dividends and share buybacks. The South Korean technology giant said Friday its board approved a plan for total shareholder returns of between 90 trillion won and 110 trillion won in 2026, roughly five times its previous annual record of 20.3 trillion won in 2020. The plan marks the final year of Samsung's three-year shareholder return policy launched in 2024, under which the company pledged to return 50 percent of its free cash flow, or FCF, to shareholders. Samsung plans to distribute about 30 trillion won in cash dividends in the third quarter, including its regular dividend. Details will be finalized at a board meeting scheduled for late October. The remaining shareholder returns will be determined after Samsung's full-year 2026 results are finalized. The board is expected to decide in January next year on the size and mix of additional cash dividends and share buybacks and cancellations. The scale represents a sharp increase from recent years. Samsung paid 9.8 trillion won in regular dividends in each of 2024 and 2025, for a combined 19.6 trillion won. In 2025, the company also paid a special dividend of 1.3 trillion won and carried out 8.4 trillion won worth of share buybacks and cancellations. Including this year's planned returns, Samsung expects its cumulative shareholder returns for the 2024 to 2026 period to reach between 120 trillion won and 140 trillion won. The company said the record payout is aimed at ensuring that gains from its growth are returned to shareholders while creating a cycle in which corporate growth translates into higher shareholder value. Separately, Samsung's board approved the purchase of about 15 trillion won worth of treasury shares to compensate employees. The company said the employee compensation program is also expected to contribute to shareholder value. Samsung said it will continue to implement its shareholder return policy while communicating its plans with shareholders and the market. Shares of Samsung Electronics closed up 9.5 percent at 271,000 won on Friday. 2026-08-21 17:45:34
  • Banks Compete for Group Loans as Lending Limits Lifted, Allocating 1.55 Trillion Won to D.H. Bangbae
    Banks Compete for Group Loans as Lending Limits Lifted, Allocating 1.55 Trillion Won to D.H. Bangbae As financial authorities have decided to manage group loans related to housing supply separately from household loan limits, banks are reviving their balance loan operations. For the D.H. Bangbae project in the Bangbae-dong area of Seocho-gu, Seoul, the top five banks have allocated a total loan limit of 1.55 trillion won.According to the financial sector on August 21, NH Nonghyup Bank has increased its balance loan limit for D.H. Bangbae from 100 billion won to 300 billion won, tripling it. The variable rate product linked to the new handling amount based on the six-month COFIX has also seen a reduction in the additional interest rate from 1.6 percentage points to 1.5 percentage points.Other banks have also raised their loan limits. Shinhan Bank increased its limit from 100 billion won to 400 billion won, while Hana Bank raised its limit to 350 billion won and KB Kookmin Bank to 300 billion won. Woori Bank also increased its limit from 100 billion won to 200 billion won.As a result, the total balance loan limit provided by the five major banks for D.H. Bangbae has surged from 500 billion won to 1.55 trillion won in just one day. There is a possibility that banks may further increase their limits depending on loan demand.A competitive interest rate environment is also emerging as banks vie for loan volume. In addition to NH Nonghyup Bank, KB Kookmin Bank and Shinhan Bank have each lowered their additional interest rates by 0.1 percentage points. This move not only increases loan limits but also reduces rates to secure borrowers.The shift in the banking sector's operational stance comes after financial authorities recently relaxed the management of household loan limits. The authorities have decided to manage group loans arising from housing supply processes, such as relocation costs for reconstruction and redevelopment and interim and balance loans for new complexes, separately from the household loan limits set for each financial institution.* This article has been translated by AI. 2026-08-21 17:44:00
  • Weather Forecast: Rain Expected Nationwide with Highs Reaching 34 Degrees
    Weather Forecast: Rain Expected Nationwide with Highs Reaching 34 Degrees On Saturday, August 22, the central regions of South Korea are expected to be mostly cloudy, while the southern regions and Jeju Island will see plenty of clouds.Rain is forecasted in parts of the Seoul metropolitan area and inland Gangwon Province until the morning. In the afternoon, scattered showers may occur in northern and southeastern Gyeonggi Province, inland and mountainous areas of Gangwon, inland Chungcheong Province, and the southern regions. Jeju Island is also expected to experience scattered showers from morning until evening. Most of the rain is expected to stop between 3 PM and 6 PM in the southern regions and between 6 PM and 9 PM in the central regions.The anticipated rainfall amounts are between 10 to 60 mm in Seoul, Incheon, and Gyeonggi Province, and 5 to 40 mm in inland and mountainous areas of Gangwon. For the scattered showers, expected rainfall is between 5 to 40 mm in northern and southeastern Gyeonggi, inland and mountainous areas of Gangwon, Daejeon, Sejong, inland Chungnam, Chungbuk, Gwangju, Jeonnam, inland Jeonbuk, Daegu, Gyeongbuk, and inland Gyeongnam. Jeju Island is expected to receive between 5 to 60 mm of rain.In areas experiencing showers, strong winds and thunderstorms may occur, so caution is advised regarding facility management and safety.The morning low temperatures are forecasted to be between 21 to 26 degrees Celsius, while the daytime highs are expected to range from 28 to 34 degrees Celsius.Wave heights in the East and South Seas are expected to be between 0.5 to 1.0 meters, while the West Sea will see waves of 0.5 to 1.5 meters. In the offshore waters, wave heights are expected to be 0.5 to 1.5 meters in the East Sea, 0.5 to 3.0 meters in the West Sea, and 0.5 to 2.5 meters in the South Sea.* This article has been translated by AI. 2026-08-21 17:36:10
  • President Lee Calls for Urgent Action Against Corruption
    President Lee Calls for Urgent Action Against Corruption President Lee Jae-myung stated on August 21 that while there have been improvements, the lingering corruption in the political sphere must be closely examined and eradicated.During the opening remarks at the first Anti-Corruption Policy Council meeting held at the Blue House, President Lee urged, "Please push forward with anti-corruption policies unwaveringly until our citizens feel, 'Things have truly changed.'"He emphasized that there should be no partisanship in the fight against corruption, stating, "In the eradication of corruption, there can be no 'us versus them.' It is necessary to proceed with clear principles, fairly and rigorously, without exceptions."President Lee also highlighted the need to combat corruption within the public sector. He remarked, "Although South Korea's economic standing has significantly improved, no matter how impressive the economic indicators are, if the government and public officials fail to earn the trust of the people, all these achievements can easily collapse like a sandcastle." He stressed the importance of establishing principles and standards and adopting a responsible attitude.He noted, "As of 2025, South Korea ranks 31st out of 182 countries in terms of integrity. While we rank in the top ten in other areas, being 31st in integrity is somewhat embarrassing."Furthermore, he stated, "As our economic scale and national power grow, stricter standards must be applied to the transparency of the public sector and the integrity of public officials. As the expectations of the people rise, we must carefully examine whether we have been turning a blind eye to issues by making excuses such as 'this has been the case for a long time' or 'this is a past practice,' and if so, we must correct them immediately."President Lee also urged efforts to eliminate corruption in the private sector, including the involvement of local factions in vested interests.He concluded, "Establishing the principles of fairness and justice in our society is not a task that can be completed in a year or two. It requires continuous and ongoing efforts. I ask the relevant departments to approach their work with the determination to meet the expectations of the people."Finally, President Lee reflected, "The international community highly values South Korea's political capabilities. Although we faced difficulties for a time, we restored our democratic order without shedding a drop of blood or resorting to violence, thanks to the strength of our people."He encouraged, "To move toward an irreplaceable South Korea, our domestic order must be fair. This is the core goal of our anti-corruption policy, and I urge everyone to carry out their duties with a strong sense of mission."* This article has been translated by AI. 2026-08-21 17:36:10
  • Four Major Financial Groups Donate 2 Billion Won for Gyeongnam Flood Relief
    Four Major Financial Groups Donate 2 Billion Won for Gyeongnam Flood Relief The four major financial groups, including KB, Shinhan, Hana, and Woori, have pledged a total of 2 billion won to assist in the recovery efforts from the recent heavy rains in Gyeongnam. They are also implementing special financial support through their subsidiaries.According to the financial sector on August 21, the four groups decided to each contribute 500 million won to aid recovery in the flood-affected areas of Geoje and Tongyeong. Including Shinhan Bank's prior donation of 200 million won, the total contributions from the four financial groups amount to 2.2 billion won.KB Financial is providing 500 million won along with support for shelters and meal trucks at the disaster sites. KB Kookmin Bank will offer up to 20 million won in emergency living stabilization funds for individuals, and up to 500 million won in operating funds and facility funds for small businesses and self-employed individuals affected by the disaster. They will also implement maturity extensions for existing loans, preferential interest rates, and exemptions on overdue interest.Shinhan Financial is supplying emergency relief kits and tents, and has organized a volunteer group from its employees in the Busan and Gyeongnam regions to assist in recovery efforts. Shinhan Bank will provide up to 30 million won for individuals and up to 500 million won for businesses in emergency funds. Shinhan Card is deferring credit card payments and offering a 30% discount on card loan fees, while Shinhan Life is providing payment deferrals and interest reductions on insurance contract loans.Hana Financial has added support from its group subsidiaries to the emergency financial assistance initiated by Hana Bank on August 17. Hana Bank will provide up to 50 million won for individuals and up to 500 million won for small businesses, self-employed individuals, and personal business owners, applying preferential interest rates of up to 1.3 percentage points. Hana Card, Hana Life, and Hana General Insurance are also deferring payment deadlines and prioritizing insurance payouts. They have also delivered 500 boxes containing essential goods and medicines.Woori Financial is implementing a total of 200 billion won in financial support for small businesses and self-employed individuals through Woori Bank. They will supply up to 500 million won in operating and facility funds per business and apply preferential interest rates of up to 1.5 percentage points. Affected residents will receive up to 20 million won in emergency living stabilization funds. Woori Card, Woori Financial Capital, and Woori Financial Savings Bank are also participating in deferring payment deadlines and loan principal and interest repayments.Woori Financial is delivering emergency relief sets and dispatching meal trucks to the affected areas. Each financial group is also reviewing additional support measures based on the scale of the damage and recovery progress.* This article has been translated by AI. 2026-08-21 17:36:00
  • Samsung Electronics Announces Record 110 Trillion Won Shareholder Return
    Samsung Electronics Announces Record 110 Trillion Won Shareholder Return Samsung Electronics will implement a record shareholder return of up to 110 trillion won this year, significantly exceeding the previous highest amount recorded by a domestic company by nearly five times. This move comes as the company aims to address rising shareholder dissatisfaction regarding employee compensation while sharing the benefits of improved semiconductor performance.On August 21, Samsung's board of directors approved a plan to return approximately 90 trillion to 110 trillion won to shareholders in 2026. This amount is about five times the previous record of 20.3 trillion won set in 2020. Compared to the average annual shareholder return of 13.8 trillion won from 2016 to 2025, the new figure represents an increase of nearly seven times. Samsung will also continue its existing policy of utilizing 50% of its free cash flow (FCF) for shareholder returns from 2024 to 2026.This decision reflects Samsung's commitment to actively return cash generated from improved performance to shareholders. Including the anticipated shareholder return for this year, the total shareholder return for the three years from 2024 to 2026 is expected to reach between 120 trillion and 140 trillion won.Samsung's expansion of shareholder returns is not a one-time measure. Since its listing on the domestic stock market in 1975, the company has paid cash dividends every year except for 1980. In 2016, it introduced a policy to allocate 50% of FCF for shareholder returns, and since 2017, it has established a quarterly dividend system, providing dividends four times a year.The regular dividend amount has been consistently maintained. Since 2018, Samsung has paid an annual regular dividend of 9.6 trillion won, which increased to 9.8 trillion won starting in 2021. Following the principle of additional returns from remaining funds after regular dividends, the company paid a special dividend of 10.7 trillion won in the fourth quarter of 2020 and 1.3 trillion won in the fourth quarter of last year. Cumulatively, cash dividends from 2015 to the fourth quarter of last year exceeded 102.8 trillion won.In addition to dividends, Samsung has also engaged in share buybacks and cancellations. From 2015 to the end of last year, the company repurchased a total of 38 trillion won worth of its own shares, using them for employee compensation or cancellation to enhance shareholder value.In the third quarter of this year, Samsung plans to implement approximately 30 trillion won in cash dividends, including regular quarterly dividends. The specific amount will be finalized at the board meeting at the end of October. The remaining shareholder return amount and method will be determined at the board meeting at the end of January next year, considering both cash dividends and share buybacks and cancellations.This decision is expected to address the gap between employee compensation and shareholder value that has recently emerged within Samsung. The company has been increasing employee bonuses based on improved semiconductor business performance. However, shareholders have expressed dissatisfaction regarding whether the benefits of improved performance are adequately reflected in stock prices and dividends. This large-scale shareholder return sends a message that the company intends to directly distribute its achievements to shareholders, potentially alleviating some of these concerns.Samsung also approved a share buyback plan worth approximately 15 trillion won for employee compensation. While this is distinct from shareholder returns, the reduction in circulating shares due to the buyback could enhance per-share value. This structure aims to simultaneously promote employee compensation and shareholder value enhancement.Samsung's approach to shareholder returns as an integral part of its management strategy is significant. The company has maintained a structure that shares the benefits of improved cash flow with shareholders while continuing large-scale facility investments and future business investments. This unprecedented level of return is a result of the alignment of this policy with the recovery of the semiconductor market.SK Hynix is also strengthening its shareholder returns based on improved cash generation from the memory market. Domestic semiconductor companies are now competing over how much of the cash secured from improved performance will be returned to shareholders, in addition to investments in facilities and research and development.Samsung plans to faithfully implement its shareholder return policy and actively communicate related plans to shareholders and the market. Whether this record return will lead to an actual increase in shareholder value and whether the company will continue this return trend in the future are key points of interest for the market. 2026-08-21 17:32:00
  • KOSPI rises on hopes for Samsungs huge shareholder return package
    KOSPI rises on hopes for Samsung's huge shareholder return package SEOUL, August 21 (AJP) - South Korean stocks extended their gains on Friday, with the benchmark KOSPI closing above 6,900 points. The index recovered from a sharp drop in morning trading as expectations for higher shareholder returns at Samsung Electronics and SK hynix helped offset pressure from rising U.S. Treasury yields. The KOSPI closed at 6,912.95, up 0.88 percent or 60.37 points from the previous session. It marked a second straight day of gains after the index surged 5.89 percent the previous day. The index opened sharply lower at 6,759.95 and fell to as low as 6,742.44 before recovering. It later climbed to 6,954.12, marking an intraday swing of more than 210 points. The reversal was largely driven by major chipmakers including Samsung Electronics. Investors were encouraged by expectations that Samsung Electronics could announce a large shareholder-return package, while SK hynix continued to attract buying after unveiling a record 40 trillion-won ($28 billion) share buyback plan earlier this week. Samsung Electronics rose 3.87 percent to 281,500 won on expectations of a new shareholder-return package, a move that also lifted other Samsung affiliates. Samsung Life Insurance surged 10.61 percent to 328,500 won, while Samsung C&T jumped 5.75 percent to 395,500 won. SK hynix gained 2.31 percent, or 39,000 won, to 1.73 million won. Those gains helped offset pressure from the weak overnight performance on Wall Street and another rise in U.S. Treasury yields, which had weighed on the market at the open. The strength extended beyond chipmakers By sector, insurers, telecommunications and semiconductor-related shares were among the strongest performers. Life insurers surged 8.88 percent, wireless telecommunications services rose 4.80 percent and non-life insurers gained 3.55 percent. Semiconductor and semiconductor equipment stocks advanced 2.97 percent, while banks climbed 2.36 percent. Financials also advanced on expectations of stronger corporate value-up measures and shareholder returns. Hana Financial Group rose 3.17 percent to 130,900 won, Shinhan Financial Group climbed 2.97 percent to 104,100 won and KB Financial gained 2.69 percent to 164,300 won. Other large caps were mixed. Samsung Electro-Mechanics fell 5.73 percent to 1,316,000 won and LG Energy Solution dropped 4.05 percent to 343,500 won. Samsung Biologics lost 1.46 percent to 1,551,000 won, while Hyundai Motor slipped 0.60 percent to 415,000 won and SK Square was unchanged at 1,123,000 won. Samsung SDI also fell 4.30 percent to 478,000 won. After the market closed, the company said it would sell 13.09 million shares in Samsung Display back to the display maker for about 4.45 trillion won ($3.2 billion) to raise funds for future growth investments. The shares represent about one-third of the company's 39.86 million-share holding in Samsung Display. Once the transaction is completed, its stake in the display maker will fall to 10.2 percent from 15.2 percent. While the KOSPI was supported by gains in selected large-cap stocks, the KOSDAQ moved sharply in the opposite direction. Selling spread across growth stocks, with all 10 of its largest companies by market capitalization ending lower. The junior index closed at 801.94, down 4.63 percent. It fell as low as 795.57 during the session before trimming some losses. Foreign investors sold a net 283.6 billion won of shares and institutions unloaded 346.4 billion won, while retail investors bought a net 623.8 billion won. Biotechnology platform developer Alteogen fell 5.74 percent to 320,000 won. Battery materials holding company EcoPro dropped 7.26 percent to 81,700 won, while cathode-material maker EcoPro BM slid 7.45 percent to 105,600 won. Robot maker Rainbow Robotics lost 3.71 percent to 454,000 won. Losses also spread to semiconductor-related names. Semiconductor, display and solar equipment maker Jusung Engineering fell 4.91 percent to 168,600 won, while semiconductor and display equipment maker Wonik IPS dropped 5.27 percent to 107,900 won. Semiconductor testing-component maker Leeno Industrial declined 5.47 percent to 65,700 won, and laser-based semiconductor equipment maker EO Technics lost 2.53 percent to 404,500 won. Biotech shares were similarly weak, with HLB falling 3.13 percent to 38,650 won and bispecific-antibody developer ABL Bio tumbling 8.85 percent to 75,200 won. The broad selloff stood in sharp contrast to the KOSPI, where buying remained concentrated in a relatively narrow group of large-cap stocks. The session followed a broad retreat on Wall Street overnight. The Dow Jones Industrial Average fell 1.32 percent Thursday, while the S&P 500 lost 0.87 percent and the Nasdaq Composite dropped 1.00 percent. Higher bond yields added to the pressure, with the benchmark 10-year U.S. Treasury yield climbing above 4.70 percent. That backdrop weighed more heavily on growth-sensitive KOSDAQ shares, while shareholder-return expectations helped insulate the KOSPI's largest chip and financial stocks. The won strengthened to 1,385.20 per dollar, compared with 1,392.60 the previous day. Across Asia, markets were mixed Friday as elevated U.S. Treasury yields and high oil prices kept investors cautious. Japan's Nikkei 225 fell 0.30 percent to 66,016.36 as rising global bond yields and oil prices weighed on sentiment. Japan's own bond yields also remained elevated, reinforcing expectations that the Bank of Japan could raise rates again as early as September. China's Shanghai Composite was little changed, edging up 0.04 percent to 3,905.20. Mainland shares were relatively resilient despite pressure from global bond markets, while enthusiasm around domestic technology and strategic industries continued to provide some support. Hong Kong outperformed the region, with the Hang Seng Index climbing 1.16 percent to 25,997.73. 2026-08-21 17:29:19
  • Samsung Electronics Projects Up to 110 Trillion Won in Shareholder Returns This Year
    Samsung Electronics Projects Up to 110 Trillion Won in Shareholder Returns This Year Samsung Electronics has projected its shareholder returns for this year to reach up to 110 trillion won. The company anticipates that improved memory market conditions will significantly enhance its cash generation capabilities, leading to resources that will greatly exceed the shareholder returns from 2024 to 2025.In a disclosure on August 21, Samsung Electronics stated that the remaining resources for shareholder returns in 2026 are expected to be around 90 trillion to 110 trillion won. This figure represents 50% of the total free cash flow (FCF) over the three years from 2024 to 2026, minus the 29.3 trillion won already implemented in 2024 and 2025. However, the company noted that this amount may vary depending on this year's business performance and investment levels.For the third quarter of this year, Samsung plans to implement cash dividends totaling approximately 30 trillion won, including regular quarterly dividends. The specific dividend amount will be finalized at a board meeting scheduled for the end of October. Following the completion of the 2026 fiscal year, the board will make a final decision on the remaining shareholder return amount and method at a meeting in late January next year.The remaining resources for shareholder returns will be considered comprehensively, taking into account cash dividends and share buybacks and cancellations. Samsung Electronics has conducted a total of 29.3 trillion won in shareholder returns from 2024 to last year, with cash dividends amounting to 20.9 trillion won and share buybacks and cancellations totaling 8.4 trillion won.This projection is noteworthy as it suggests that Samsung's cash generation capabilities could significantly expand, leading to a substantial increase in shareholder return resources. With the recovery of the memory market, the company is expected to enhance its structure of sharing profit increases with shareholders through large-scale shareholder returns.Samsung stated that when calculating FCF over the three years, it will deduct amounts related to long-term supply contract (LTA) deposits and employee performance-based stock compensation expenses. The company explained that the projected figures in this disclosure may change based on future performance, investment execution, and cash flow. 2026-08-21 17:24:00
  • Financial Supervisory Service Union Intensifies Efforts Against Relocation
    Financial Supervisory Service Union Intensifies Efforts Against Relocation As the government prepares to announce its second public institution relocation plan, the Financial Supervisory Service (FSS) union is ramping up its efforts to prevent the move. The union is exploring all options, including collective actions such as protests and strikes, as well as the possibility of rejoining higher-level unions like the Financial Industry Union.On August 21, the FSS union stated that it is evaluating the pros and cons of rejoining the Financial Industry Union, which is under the Korean Confederation of Trade Unions, and plans to gather opinions from its delegates. The union has also been working on revising its regulations to quickly hold an extraordinary general meeting for its delegates.This marks the first time in over four years that the FSS union is considering rejoining a higher-level union. In April 2022, the union held a delegate meeting where 33 out of 34 delegates voted in favor of leaving the Korean Public Service and Transport Workers' Union, citing concerns over the independence of financial supervisory institutions. The union argued that being part of a union representing supervised entities could lead to conflicts of interest and role conflicts during its supervisory duties.The FSS union's renewed consideration of joining a higher-level union underscores the urgency of the relocation issue. This is particularly relevant as the Financial Industry Union has already announced plans for a general strike to oppose the relocation.Regardless of the decision on rejoining a higher-level union, the FSS union has already begun solidarity actions with other financial public institution unions. A joint press conference with the Deposit Insurance Corporation union is scheduled for August 24 at 10:30 a.m. in front of the Cheong Wa Dae Sarangchae fountain. This marks the first time the unions of these two institutions, responsible for financial supervision and deposit protection, will collaborate on the relocation issue.The FSS union is also taking independent action. On August 17, it issued a statement urging the government to immediately halt the relocation plans. The union pointed out that relocating could reduce supervisory efficiency and increase supervisory costs, ultimately burdening financial consumers.Concerns about the potential loss of key personnel and the resulting decline in supervisory capacity have also been raised. A survey conducted among all employees from August 18 revealed that 85.6% of the 1,538 FSS members are considering leaving their jobs, with the rate rising to 92.5% among employees under 40.With the government expected to announce the second public institution relocation plan as early as August 25, the FSS union faces a tight timeline to prepare its response. The union is actively exploring various strategies to prevent the relocation, given the limited time before the government's announcement.Meanwhile, the Financial Industry Union reported that in a strike vote held on August 12, 66,154 out of 68,878 members voted in favor, resulting in a 96.1% approval rate. The union plans to initiate a general strike on September 4 if the government proceeds with the relocation of national policy banks.* This article has been translated by AI. 2026-08-21 17:24:00