[THE INVESTOR] The labor union of financial industry employees warned on Sept. 20 that tens of thousands of workers will go on a daylong strike this week, protesting against the government’s mass restructuring and performance-based pay system.

The Korea Financial Industry Union said that most of its unionized workers are likely to participate in the strike on Sept. 23. More than 100,000 people are expected to take part.

Banking services across the country will be paralyzed by the strike, resulting in customers’ inconvenience, the union said. 

The government’s push to introduce a performance related wage system at public institutions including state-run lenders has been facing growing resistance from labor unions.

Some 120 public bodies and companies are under pressure to adopt the new pay program by the end of this year.

“The government illegally intervened and destroyed the relations between management and labor,” the KFIU said.

Other labor unions of public services sectors related to subway, gas and hospital also vowed to stage a series of strikes between Sept. 22 and 29.

The Ministry of Employment and Labor said it will take stern stance against strikes by public servants and bankers.

“The government will push ahead with labor market reforms and respond against any unlawful strike actions by law and principle,” Labor Minister Lee Ki-kwon said during a press conference on Sept. 20.

By Park Han-na (hnpark@heraldcorp.com)