Renault Samsung Motors Labor-Management Tentative Agreement on Wage and Working Conditions
Renault Samsung Motors' labor and management have reached a tentative agreement on wages and collective agreements for 2019. Renault Samsung Motors announced that it held the 19th wage negotiation session with the main labor union, the company union, on the 10th and derived a tentative agreement on the 2019 wage negotiations.
According to this tentative agreement, the base salary will be frozen, and a one-time compensation payment of 8.88 million KRW, including a compensation incentive of 2 million KRW, will be provided. A new contribution allowance will also be established, paying 5% of the monthly bonus base amount (an average fixed salary increase of 1.2 million KRW). This corresponds to a typical hourly wage increase of 4.7%, along with increased effects on personal and retirement pensions.
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Labor and management also agreed to jointly establish a social contribution donation fund under both parties' names to share the difficulties faced by the local community due to the novel coronavirus infection (COVID-19). This tentative agreement will be finalized at the general meeting of employees after a briefing session for union members.
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