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Leaders of the Korea Financial Services Workers’ Union (KFSWU) and the MG Nonlife Insurance Union have started a hunger strike to protest how financial authorities are managing a troubled insurance provider. The situation threatens the job security of 500 employees at MG Nonlife Insurance.
The Korea Deposit Insurance Corporation (KDIC) and the Financial Services Commission (FSC) had nominated a preferred buyer, but this party withdrew from the sale process on March 13, 2025. Instead of addressing union concerns, authorities established a bridging entity to transfer existing policy contracts to five larger insurance companies.
Brother Kim Dong-jin, head of the KFSWU Non-Life Insurance Division, began the hunger strike in late May. He was later joined by Brother Lee Jae-jin, KFSWU President, and Brother Bae Young-jin, President of the MG Nonlife Insurance Union. Their protest continues outside FSC headquarters in Seoul.
