Seoul: Unionized workers at internet-only Kakao Bank launched a full-scale strike Friday over wage increases and other benefits, its union said. The labor union and Kakao Bank's management have been in negotiations over a pay raise and other benefits but failed to narrow differences.

According to Yonhap News Agency, over 700 unionized workers participated in the one-day strike but did not hold a rally. "We are discussing our future actions," the union stated, indicating that further actions may be considered if negotiations do not progress.

In the first quarter of the year, Kakao Bank logged an operating income of 211 billion won (US$143 million) on revenue of 1.94 trillion won, both quarterly highs. Despite these financial results, the bank has struggled to reach an agreement with its workers on wage-related issues.

Kakao Bank's parent company, Kakao Corp., is also dealing with labor issues. Wage negotiations between management and labor at Kakao Corp. have been deadlocked for the past two months. In early June, Kakao's unionized members staged a partial strike, reflecting ongoing tensions within the company.