LG Electronics Confirms 9% Wage Increase This Year... "Largest Since 2000"

[Image source=Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] LG Electronics and the LG Electronics Labor Union agreed on a 9% wage increase for this year on the 18th.

LG Electronics and the union finalized this year's wage increase rate on the same day and informed employees through briefings by organization. This wage increase rate is the highest since 2000 and matches the 9% wage increase rate of 2011. Considering that the increase rate has been around 4% annually for the past three years since 2018, this year's increase rate is more than double the previous years.

LG Electronics and the union stated that they applied the increase rate based on individual last year's performance ratings, while raising the starting salaries by rank to boost employee morale and strengthen wage competitiveness. The new starting salaries for Staff, Senior Staff, and Manager are 46 million KRW, 55 million KRW, and 71 million KRW respectively, which are increases of 3 million KRW, 5 million KRW, and 6 million KRW compared to before. The increased wages will be applied starting from the March payroll.

Along with the wage increase plan, LG Electronics and the union also announced improvements to welfare benefits. Starting this year, employees with children entering elementary, middle, or high school will be provided with a laptop once per child. Additionally, if an employee's spouse does not undergo a health checkup, one direct family member of either the employee or the spouse will be allowed to receive a health checkup instead.

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