Ssangyong Motor, Industry's First Early Settlement of This Year's Wage Negotiations... "Labor and Management Share Consensus on Overcoming Crisis"

[Asia Economy Reporter Suyeon Woo] Ssangyong Motor's labor and management have become the first in the automotive industry to conclude the 2020 wage and collective bargaining agreement negotiations early, accelerating the normalization of management.

Ssangyong Motor announced that on the 17th, at the Pyeongtaek plant, labor and management signed an agreement including a wage freeze at the signing ceremony for the wage and collective bargaining agreement. The signing ceremony was attended by Ssangyong Motor CEO Yebyeongtae, Ssangyong Motor Labor Union Chairman Jeong Il-gwon, and company officials, reaffirming their commitment to management innovation plans.

With this, Ssangyong Motor concluded negotiations early even before the domestic automotive industry officially began the 2020 wage and collective bargaining negotiations, once again confirming a model labor-management culture of coexistence and cooperation. Ssangyong Motor's labor and management have achieved 11 consecutive years of dispute-free negotiation settlements since 2010.

A Ssangyong Motor official said, "Labor and management shared the recognition that a stable labor-management relationship is most important for the company's management normalization and employment stability, and reached an agreement," adding, "We will focus all company capabilities on the smooth implementation of self-help efforts and increasing sales volume."

Ssangyong Motor's labor and management completed the 2020 wage and collective agreement negotiations early, becoming the first in the industry to do so. On the 17th, at the signing ceremony held at the Pyeongtaek plant, Ye Byeong-tae, CEO of Ssangyong Motor (right in the photo), and Jeong Il-gwon, chairman of the labor union, signed the agreement and posed for a commemorative photo. Photo by Ssangyong Motor

Furthermore, they emphasized that labor-management competitiveness is as important as technological competitiveness, and that Ssangyong Motor's labor and management are creating a new turning point in an advanced labor-management culture of coexistence and cooperation. They also appealed for absolute interest and support from the government and society so that Ssangyong Motor can continue to develop as a company that contributes to the nation and society and fulfills its responsibilities and roles.

Since September last year, Ssangyong Motor has agreed on management innovation measures such as suspension and reduction of welfare to secure future competitiveness, and in December, it prepared and is implementing high-intensity management innovation measures including all employees returning wages and bonuses and implementing a rotating sabbatical system (paid leave) for office workers.

In addition, Ssangyong Motor is promoting new fund procurement by selling non-core assets such as the Busan logistics center, and through the Ssangyong Motor extraordinary board meeting, finalized the plan for 40 billion KRW new fund procurement from the major shareholder Mahindra.

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