Nearly 3,000 union members of 6,500 workers employed at Standard Chartered?s First Bank in South Korea plan to go on strike indefinitely in an effort to dissuade the company?s management deciding to switch from salaries based on individual performance to incentive-based pay. As management hopes to alleviate the struggles of gaining market share in loans, employees are worried that their pay may be drastically affected as well as about other concerns such as job stability. SC First Bank is also coming under some heat from Korean regulators for violating rules pertaining to platinum lending to local firms.
See "Standard Chartered?s Korean Banking Unit Workers Strike Over Incentive Pay", Jun Yang and Seonjin Cha, Bloomberg News, June 26, 2011