Chairman Park Chang-gu "Thankful to the Union"... 1 Million Won COVID-19 Overcoming Encouragement Bonus Paid

[Asia Economy Reporter Hwang Yoon-joo] "We are grateful to the labor union. Just as the government provides disaster relief funds during the COVID-19 pandemic when everyone is facing difficulties, the company should also give encouragement money to the workers."

The reason Kumho Petrochemical Group paid 1 million won to all employees was the result of Chairman Park Chan-gu generously responding to the labor union's decision. Earlier this month, the three Kumho Petrochemical labor unions entrusted the company with the authority to mediate wage negotiations. Although Kumho Petrochemical Group operates under a one-company, three-union system, it has achieved wage negotiations without disputes for 33 years.

This year, the situation was different from previous years. Due to the COVID-19 pandemic, domestic and international consumption sharply declined, and more companies have been showing warning signs in their performance. Kumho Petrochemical has drawn a line stating that there is almost no direct impact from COVID-19, but it is difficult to avoid effects if the situation prolongs.

In this context, the labor union first announced, "In a magnanimous spirit to overcome the difficulties faced by all industries due to the global disaster together with management, we entrust matters related to wage negotiations." This atmosphere spread to each affiliate, and all affiliate labor unions entrusted the authority to mediate wage negotiations.

A Kumho Petrochemical official said, "Hearing that employees at the level of assistant manager and above cannot receive the disaster relief funds provided by the government due to income restrictions, Chairman Park instructed to pay 1 million won to all employees, which was carried out," adding, "A total amount of about 2.2 billion won was all paid last Friday."

Kumho Petrochemical paid 1 million won regardless of rank, years of service, or whether employees were regular or non-regular, with only 62 executives as exceptions. It is expected that this special payment will help activate consumption in regions where the workplaces are located, such as Yeosu, Ulsan, Daejeon, and Asan.

Meanwhile, Kumho Petrochemical plans to decide the wage increase rate considering internal and external circumstances.

This content was produced with the assistance of AI translation services.