ALLIANZ LIFE MAY SACK STRIKING BRANCH BOSSES IN KOREA

German insurer Allianz is considering dismissing 160 branch managers in its South Korea operations after they failed to return to work following an imposed deadline to end their industrial action. Employees in Allianz’s South Korea operations have been on strike since January 23 ^rd in a dispute over bonus payments. After issuing the ultimatum, Allianz reported that only seven workers returned to their post and is now deciding what action to take against the remaining staff. During the two-month strike it is estimated that Allianz Life has lost over 30 billion won in its Seoul-based unit alone.