South Korea’s ‘young unions’ have financials open to members

[Source : The office workers unions at Seoul Metro]

South Korean labor unions led by members in their 20s and 30s make it a rule to make their financial records available via their social network accounts, showing a contrast with big, old unions, such as the Korean Confederation of Trade Unions and the Federation of Korean Trade Unions, which have been criticized for their lack of transparency in their financials.

According to Maeil Business Newspaper’s survey on Wednesday, young unionized workers at Seoul Metro and LG Electronics Inc. make their records on their expenditures available on their social network accounts for all members to see.

The office workers unions at Seoul Metro and LG Electronics have auditors review their financials every half year and make the reports available for its members to access. LG Electronics’ union went a step further last year to vote to allow outside auditors look at its financials.

“All members can download and access accounting details,” said a member of Seoul Metro’s labor union. “If any of the members have questions, we show relevant receipts and accounting principles for transparency.”

While young unions have worked for financial transparency, younger members in their 20s and 30s at the bigger and older labor groups are raising their voices for transparency. “The accounting system needs to be revised for more transparency and to allow easy access for all members,” said a young candidate running for leadership in KB Bank’s labor union.