[THE INVESTOR] South Korea’s top financial regulator affirmed on Oct. 5 that the performance-based pay for local bank workers should take effect.

“It’s an indispensable financial reform task,” Yim Jong-yong, chairman of the Financial Services Commission, said at a government-civilian meeting on improving the nation’s financial system.

The government will push for the spread of a “performance-oriented culture” on the basis of constant principles, he added.

Yim’s comments came as bank workers here strongly oppose the government-led drive. They say it will only undermine the soundness and quality of banking services.

The Korean Financial Industry Union, a major umbrella union of bank workers nationwide, staged a general strike last month and it plans to launch another collective action in November.

(theinvestor@heraldcorp.com)