[비즈한국] Ms. A, a woman in her late 30s working for a state-owned enterprise under the Ministry of Climate, Energy, and Environment, is deeply worried as her company’s relocation to a provincial area appears certain. Considering her three-year-old child and her husband’s place of work, moving to a "provincial" region is no easy feat. If the company relocates near Daejeon, where her parents live, she is considering a "weekend marriage" arrangement by leaving the child with her parents, but if it relocates elsewhere, her top priority would be to commute from Seoul.
However, the atmosphere within the company is that commuting is "impossible" given that the regions currently bidding for the relocation are South Chungcheong Province (Naepo) and South Jeolla Province (Naju). Ultimately, Ms. A declared, "If we move to Daejeon, I will stay, but if we move anywhere else, I will quit and find another job."
Mr. B, in his early 40s and working at the Korea Development Bank (KDB), is also grappling with deep concerns. He already experienced stress during the Yoon Suk Yeol administration due to the "relocation to Busan" talk, and now, his institution is being mentioned again as a prime candidate for provincial relocation. Because the names of core policy and financial institutions, including the Financial Services Commission and the Financial Supervisory Service, have all emerged this time, the prevailing sentiment is that "it may be difficult to prevent."
Mr. B, who has children, has already decided that his wife and child will be raised in Seoul. Mr. B added, "My friends who left the company when the startup scene was booming all say they are struggling," adding, "Since I can't just quit and leave, I have to follow wherever the company goes. I think the best I can hope for is to be assigned to a branch in Seoul or the metropolitan area."
The government, under the banner of balanced national development, is accelerating the "second phase of public institution relocation." The Ministry of Land, Infrastructure and Transport is currently categorizing approximately 350 public institutions located in the metropolitan area as subjects for relocation review and is drafting a list of target agencies. The goal is to announce the relocating institutions as early as the 25th and push for the move starting next year.
As a result, employees at major public institutions and state-owned enterprises that have established their bases in the metropolitan area are feeling restless. The names of core policy and financial institutions, including the Financial Services Commission, the Financial Supervisory Service, KDB, the Export-Import Bank of Korea, and the National Agricultural Cooperative Federation (Nonghyup), are appearing on the list. Most are reportedly preparing concrete "relocation scenarios," and local governments are said to be in the midst of behind-the-scenes efforts to "attract" them.
Consequently, rumors filled with "unverified information" are spreading rampant. Last month, a document titled "Summary of Remarks by a Ministry of Land, Infrastructure and Transport Division Director" spread throughout the financial sector and public institutions, specifying even the destinations for each institution, such as the financial authorities and the Bank of Korea moving to Sejong, the Korea Investment Corporation (KIC) and major mutual aid associations to Jeonju, and Nonghyup affiliates to Busan and Naju.
It is natural that those in charge of practical work, from their 20s to their early 40s, are uneasy. There are observations that a "mass resignation" and "job-changing rush" will begin in earnest. In fact, in a survey conducted by the Financial Supervisory Service (FSS) labor union on 1,538 members, 69.7% of employees responded that they would "actively consider" changing jobs if the agency relocated. Among those under 40, the figure was 82.5%, which is 12.8 percentage points higher than the overall average. Including those who responded they would "consider it to some extent," 92.5% of employees under 40 said they have kept the possibility of changing jobs open.
Large-scale "struggles" are also expected. While the government is reviewing various incentives, such as real estate acquisition tax exemptions for public institutions moving to provincial areas, labor unions in the financial public sector are sticking to their position of opposing the relocation itself.
The labor unions of the Korea Deposit Insurance Corporation and the Financial Supervisory Service held a press conference in front of the Blue House fountain in Jongno-gu, Seoul, on the 24th to express their opposition to the unilateral relocation of deposit insurance and supervisory bodies. The Federation of Korean Trade Unions (FKTU) has also signaled a general strike. The Korean Financial Industry Union, under the FKTU, has decided to go on a general strike near Gwanghwamun, Seoul, on the 4th of next month; 96% (68,878 out of 87,287 registered members) voted in favor of the industrial action.
Mr. B, mentioned earlier, pointed out, "In dual-income households in their late 30s, everyone says their spouse and children will remain in the metropolitan area considering the spouse's workplace and educational conditions, even if the company moves." He added, "Only about 10 to 20% of the entire family will move just because the headquarters is sent to a region. While I understand the purpose of balanced development, the actual effects will be limited to major cities like Busan or Daejeon that have some degree of 'infrastructure'."