MG Sonbo Labor and Management Agree on Wage Freeze to Overcome COVID-19 Crisis

On the 14th, Yoon-sik Park, CEO of MG Insurance, Jae-jin Lee, Chairman of the National Office Financial Services Labor Union, and Dong-jin Kim, Chairman of the MG Insurance Branch of the National Office Financial Services Labor Union, held a signing ceremony for the wage and collective agreement at the headquarters in Yeoksam-dong, Gangnam-gu, Seoul.

[Asia Economy Reporter Oh Hyung-gil] MG Insurance announced on the 15th that labor and management have agreed to freeze wages to overcome the crisis caused by the novel coronavirus infection (COVID-19).

On the 14th, Park Yoon-sik, CEO of MG Insurance, Lee Jae-jin, Chairman of the National Office and Financial Services Labor Union, and Kim Dong-jin, Chairman of the MG Insurance Branch of the National Office and Financial Services Labor Union, held a signing ceremony for the wage and collective agreement at the headquarters in Yeoksam-dong, Gangnam-gu, Seoul.

On that day, labor and management quickly agreed to freeze wages this year to jointly overcome the ongoing COVID-19 crisis and continue sustainable growth. Both sides fully empathized with the recent internal and external difficulties and promised to maintain a labor-management culture of coexistence and harmony based on mutual trust and respect.

An MG Insurance official said, "Based on the self-help effort of agreeing to freeze wages between labor and management, we will overcome the COVID crisis and boldly challenge the future."

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