SEOUL-- A labor union of South Korean bank workers said Friday it will stage a strike in mid-October over failed wage negotiations with the management.

The Korean Financial Industry Union (KFIU), the nation's major umbrella union for bank workers, said representatives from its local chapters decided to start an all-out walkout Oct. 15.

"The representatives agreed on the need to wage an all-out effort to win a victory in the wage negotiations as it appears impossible to reach a deal with the management, given its stance and attitude," the union said in a statement.

Both sides have held a series of collective bargaining talks but failed to iron out differences over wage increases. The KFIU demands a 4.3 percent hike in wages for regular workers, while the management has offered a 1.2 percent increase.

The trade union said its leadership will kick off an all-night sit-in protest next Thursday, with its members slated to hold a slowdown during lunchtime on Oct. 13.

The KFIU, which claims a membership of 100,000, said it will hold a press conference on the eve of the planned strike to announce its action plan.

Source: Yonhap News Agency