KAI Labor and Management Jointly Declare Crisis Overcoming... Agree on Basic Wage Freeze for the First Time in 11 Years

[Asia Economy Reporter Yu Je-hoon] Korea Aerospace Industries (KAI) labor and management have agreed to freeze base salaries for the first time in 11 years to overcome the crisis caused by the novel coronavirus disease (COVID-19).

On the morning of the 19th, KAI announced that it had issued a 'Joint Declaration of Labor and Management to Overcome Internal and External Crises' at its headquarters in Sacheon, Gyeongsangnam-do, attended by President Ahn Hyun-ho and Labor Union Chairman Kim In-duk.

According to this joint declaration, KAI labor and management agreed to freeze base salaries for the first time in 11 years in consideration of the deteriorating business environment, and decided to jointly pursue efforts to secure the post-COVID market.

In addition, labor and management agreed to continue sharing the pain with partner companies and local communities suffering from COVID-19, while also committing to the creation of a sustainable ecosystem and revitalization of the regional economy.

President Ahn said, "If we overcome the COVID-19 crisis, opportunities will come to us," and expressed gratitude to KAI members who shared the pain by freezing base salaries and other measures.

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