Allianz Life Insurance Korea intimidates the workers that it will implement a restructuring program of massive layoffs if their demands are not met by the trade union.

 

Allianz Life Insurance Korea and its trade union are currently negotiating for a new collective agreement on the working conditions.

 

The company wants to cut the costs by reducing the benefits provided to the workers for which it tries to downgrade the current collective agreement.

 

Experts say that this violates the Trade Union and Labor Relations Adjustment Act, as the company proposes an option with threats that it may carry out massive layoffs in the middle of collective bargaining process.

 

According to the trade union, the company will announce a restructuring program at the third negotiation round scheduled on August 19. The collective bargaining started on August 3 by the request of the company management in order to cut the worker's benefits such as severance pay.

 

Anbang Insurance Group, a Chinese holding company, took over Dongyang Insurance in September last year and Allianz Life Insurance Korea in April this year.

 

In response to the merger and acquisition of the company by Anbang Insurance Group, the trade union of Allianz Life Insurance Korea was preparing for a collective agreement that guarantees the employment security. The trade union has an experience of hard struggle when Allianz Life Insurance reduced the employees from 1,650 to 920 at present through the layoffs in 2014.

 

Allianz Life Insurance Korea refused to accept the union proposal of employment security agreement, whereas trade union opposed the amendment of collective agreement aiming to cut the benefits for the workers in two previous negotiations. Trade union is concerned that some 90~100 workers can be dismissed due to the possible layoff.

 

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