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June 24, 2017

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Employees of state-owned banks plan to stage a strike

TAIPEI, Taiwan -- While the labor unions of state-owned banks consider staging a strike, the Financial Supervisory Commission (FSC) warn that state-owned banks are obliged to provide non-stop financial services according to regulations.

Local news sources said that labor union representatives will hold a press conference today to announce their intention to stage a strike.

Also, the labor unions of state-owned banks are scheduled to stage a protest at the Taipei City Government today in protest of the government's decision to implement bank mergers. Labor unions claim that the mergers will not yield positive effects.

According to labor unions, the merger plan among state-owned banks was not fully evaluated is being done "only for the sake of a merger." The plan works against the financial industry's development, obstructing the public's capital usage, harming shareholder rights and sacrificing workers' interests and rights, unions said.

The FSC pointed out that bank strikes may not impede provision of financial services. The Ministry of Finance will also mediate to ensure workers that their interests will remain intact after mergers.

There are eight major state-owned banks in Taiwan: Bank of Taiwan, Land Bank of Taiwan, Chang Wha Bank, First Bank, Hua Nan Commercial Bank, Mega International Commercial Bank, Taiwan Cooperative Bank and Taiwan Business Bank

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