Korean finance union leaders on hunger strike to protest government’s irresponsible handling of insolvent insurer

Leaders of UNI affiliate, the Korea Financial Services Workers’ Union (KFSWU), and its member, the MG Nonlife Insurance Union, have undertaken a marathon hunger strike to protest the financial authorities’ handling of a troubled insurance provider, which is jeopardising the employment security of 500 MG Nonlife Insurance employees.

The preferred buyer nominated by the Korea Deposit Insurance Corporation (KDIC) and the Financial Services Commission (FSC) withdrew from the proposed sale process on 13 March 2025. Instead of engaging with or heeding the unions’ concerns, the authorities unilaterally set up a bridging entity to transfer MG Nonlife Insurance’s existing policy contracts to five larger insurance companies.

With no resolution in sight, a hunger strike was initiated in late May by Brother Kim Dong-jin, head of the KFSWU Non-Life Insurance Division. He was soon joined by Brother Lee Jae-jin, KFSWU President, and Brother Bae Young-jin, President of the MG Nonlife Insurance Union. As part of a sit-in protest, they continue their fast outside the FSC headquarters in downtown Seoul.

More than 25 days have now passed.

The KFSWU criticised the financial authorities for failing, over the past three years, to restore MG Nonlife Insurance’s financial health or to create conditions for a sale under normal market conditions. Instead, they are dismantling the company and shifting the burden entirely onto workers.

Brother Lee said, “In May 2007, more than 100 union members of KOSCOM workers union went on strike for 475 days in front of the Korea Exchange to struggle for the rights of non-regular workers. At that time, I experienced the victory of direct employment because our union members believed and fought together until the end with a united force. I firmly believe a space for negotiation will surely be opened.”

Brother Bae pledged, “I make a clear promise to my comrades that I will never be shaken so that our union members can achieve the desired results.”

UNI Asia & Pacific Regional Secretary Rajendra Acharya reaffirmed support for the KFSWU-MG Nonlife Insurance Union’s struggle and assured that the issues raised would receive an airing during the upcoming 5th UNI Apro Insurance Unions Network Meeting, to be held in Colombo, Sri Lanka.

(Photo from left to right: Lee Jae-jin KFSWU President, Bae Young-jin, MG Nonlife Insurance Union President, Kim Dong-jin, KFSWU Nonlife Insurance Division Head