Kia Motors Labor and Management Reach Tentative Agreement on Wage and Collective Bargaining (Update)

[Image source=Yonhap News]

[Asia Economy Reporter Kiho Sung] Kia Motors labor and management, which have been undergoing pains such as a four-week partial strike, have reached a tentative agreement on wages and collective bargaining.

According to Kia Motors labor and management on the 22nd, during the 16th main negotiation session that started the day before, they prepared a tentative agreement on wages and collective bargaining after an overnight marathon negotiation.

The biggest issue, the "restoration of 30 minutes of overtime," was agreed upon at 25 minutes of overtime, the same as Hyundai Motors.

The base salary was frozen, and the agreement included a 150% management performance bonus, a special COVID-19 incentive of 1.2 million KRW, and traditional market gift certificates worth 1.5 million KRW.

Additionally, it is reported to include guarantees for employment stability related to eco-friendly vehicles, improvements in working conditions to reduce labor intensity, an investment of 600 billion KRW for mutual growth with partner companies, and retirement age extension provisions at the same level as Hyundai Motors.

The Kia Motors union plans to conduct a member vote on the tentative agreement on the 29th. If the majority approves, the tentative agreement will be finally ratified.

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