MG Sonbo, Wage Negotiations Settled... Executives Also Return Salaries for Business Normalization

[Asia Economy Reporter Oh Hyung-gil] MG Insurance announced on the 23rd that labor and management held a signing ceremony for the wage and supplementary agreement on the 22nd.

Park Yoon-sik, CEO of MG Insurance, Kim Dong-jin, Chairman of the MG Insurance Branch of the National Office and Financial Services Labor Union, and other officials attended. According to the agreement, both labor and management signed the final agreement, including the wage increase plan, and agreed to work together to establish a 'labor-management culture of coexistence and harmony.'

Since his inauguration at the end of March, CEO Park has been focusing on quickly resolving long-standing internal issues, enhancing external credibility, and strengthening internal cohesion.

On the 16th, the company increased its RBC ratio to nearly 200% through a capital increase of 200 billion won and sincerely engaged in wage negotiations, leading to a swift and smooth agreement with the union.

On the 21st, CEO Park and all executives of MG Insurance decided to return 20% of their salaries for three months starting in May to support the company's efforts to overcome management difficulties and to expedite crisis recovery and business normalization.

An MG Insurance official said, "With the recent successful capital increase, capital adequacy has been improved, laying the foundation for company-wide change and innovation," adding, "Based on a stronger labor-management culture, all employees will unite their capabilities to officially start a new leap toward the future."

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