South Korea’s KB Kookmin Bank announced Thursday that it will receive applications for voluntary retirement from employees born after 1965-1966, following a nation-wide strike of its unionized workers on Tuesday over wage system.

The country’s largest commercial lender will offer extra severance pay for additional 21 to 39 months depending on age and position of workers who apply for early retirement. It will also provide education expenses for their children and medical checkups for spouses by 2020. Those who retire voluntarily can also return to work on a contract basis after one year.

The labor union of the bank went on a general strike on Tuesday for the first time in 19 years after more than 96 percent of some 12,000 unionized workers voted in favor of the walkout to protest its wage payment system. The previous negotiations since September 18 last year over the amount of bonuses and introduction of wage peak system have all ended up in failure despite arbitration attempts by the National Labor Relations Commission.

By Kim Tae-sung and Choi Mira

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]