Anchor: Union members of South Korea's major banks have begun a general strike at 9 a.m. Friday. Internet banking will be available, but waiting times at banks could be longer than usual.
Our Kim In-kyung has more on the sources of the labor-management conflict.
 
Report: Most South Korean banks pay their workers based on seniority. This means the longer employees work, the higher their pay.
 
The only difference in salaries comes from a few performance bonuses depending on evaluations of bank branches.
 
However, banks now plan to reflect individual performances into workers' salaries.
 
The chiefs of 14 commercial banks got together in July to make a guideline on the performance-based pay system. Under the guideline, there could be up to a 40 percent gap in the salaries of workers at the same level.
 
The divergence will expand in stages. But put simply, the deputy heads of a department, who currently receive annual salaries of more or less 80 million won could receive 100 million won or 60 million won depending on their performance.
 
The government says the new system would reduce labor costs and boost the global competitiveness of South Korea's banks.
 
However, the Korean Financial Industry Union, an umbrella union of 100-thousand bank workers, claims the new rule will lead to easier layoffs of workers, who are already forced into a money-making competition.
 
The union believed around 80 to 90-thousand members will participate in its strike Friday while management estimated the figure at 30 to 40-thousand.
 
Commercial banks plan to dispatch workers at their headquarters to local branches and forgo operations at some branches if the participation rate in the strike is high.
 
Regardless of the strike, bank customers will be able to access their accounts via Internet, mobile and phone banking services.
 
The Financial Supervisory Service has sent personnel to major commercial banks to make sure that Internet banking operations aren't paralyzed.
 
The Bank of Korea has also launched an emergency team to ensure that the central bank's financial network, which processes commercial banks' fund transactions and payment settlements, work properly. 
 
However, visitors to banks may have to wait longer than usual, while foreign currency transfers could be impossible.

Banking disruptions, meanwhile, were minimal as of Friday morning as it was revealed that only three percent of the workforce of the country’s four major banks were participating in the walkout.
Kim In-kyung, KBS World Radio News.