Renault Samsung, 2019 Wage Agreement Signing Ceremony: "Labor and Management United to Overcome Crisis"

[Asia Economy Reporter Suyeon Woo] Renault Samsung Motors announced on the 21st that it held a signing ceremony on the 20th at the Renault Samsung Busan Plant to conclude the 2019 wage agreement negotiations.

At the signing ceremony, more than 50 labor and management representatives, including President Dominic Signora and Labor Union Chairman Park Jong-gyu, attended, and the labor and management representatives made the final signatures.

Renault Samsung labor and management held the 2019 Renault Samsung Motors wage negotiation signing ceremony at the Busan plant on the 20th. Dominic Signora, President of Renault Samsung (left), and Park Jong-gyu, Chairman of the Labor Union, are taking a commemorative photo after signing. Photo by Renault Samsung

On the 10th, Renault Samsung labor and management reached an agreement in the 19th wage negotiation main session, including ▲a 2 million KRW compensation incentive for freezing the base salary, ▲2019 second half variable productivity incentive (PI) labor-management agreed portion 50% + 300,000 KRW (average 1.3 million KRW), ▲2 million KRW incentive for the successful launch of the XM3, ▲1 million KRW incentive for concluding the wage negotiation, ▲profit-sharing system (PS) 2.58 million KRW (already paid), ▲establishment of a contribution allowance of 5% of the monthly bonus base, ▲expansion of items excluded from the application of the wage peak system allowance. Subsequently, in the union members' approval vote held on the 14th, 70.2% of union members approved, finalizing last year's wage agreement.

President Signora and Chairman Park, who attended the signing ceremony, empathized with the pain both labor and management endured during the prolonged negotiations of over seven months and agreed to make efforts to ensure that the upcoming 2020 wage and collective agreement negotiations are smoothly and promptly concluded.

Additionally, President Signora emphasized, "Labor and management need a shift in perception from a confrontational relationship of the past to a partnership preparing together for the future," and added, "As the economic crisis caused by COVID-19 is accelerating the paradigm shift in the global automobile industry, labor and management must unite to overcome this crisis."

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