An alliance of unions representing employees in the financial industry plans to begin a strike on Friday.

A representative from the Korean Financial Industry Union said on Thursday that they will proceed with their walkout as planned, and the unions are urging their chapters at each financial institution to take part in the action.

Some 93-point-four percent of union members voted for the stoppage last month, paving the way for the group's first strike in six years after labor representatives and their employers were unable to settle on a pay raise and other key issues.

The unions are demanding a five-point-two-percent increase, but management is unwilling to budge from one-point-four percent. The unions are also calling for a reduction in work hours and improvements to the peak wage system, among other guarantees.

The strike is not, however, expected to cause a significant inconvenience for customers of financial institutions and their transactions, with management expecting relatively low participation among their workers.