After Hyundai Motor, Korea GM Also Reaches Tentative Wage Agreement

[Asia Economy Reporter Changhwan Lee] Following Hyundai Motor Company, Korea GM (GM) has also succeeded in reaching a tentative agreement in wage negotiations between labor and management.

According to the automotive industry on the 23rd, Korea GM labor and management reached a tentative agreement in the 14th wage negotiation session held the previous day, including a basic wage increase of 30,000 KRW (including seniority step increase) and a one-time and encouragement payment of 4.5 million KRW.

The agreement also includes extending the production schedule of the models currently produced at Bupyeong 2 Plant as much as possible, considering market demand and new car launch schedules.

The management also promised to continuously review the possibility of extending production of the M400 (Spark) and vehicle engines at the Changwon Plant in Gyeongnam.

The Korea GM labor union had demanded a fixed monthly basic wage increase of 99,000 KRW and a one-time payment of over 10 million KRW, and conducted a partial strike on the 21st.

However, both labor and management felt the burden of a prolonged strike, leading to the success of the tentative agreement.

The Korea GM labor union plans to soon conduct a vote among union members to approve or reject the tentative agreement.

Earlier, Hyundai Motor labor and management also succeeded in reaching a tentative agreement for the third consecutive year. Hyundai plans to conduct a union member approval vote on the 27th and aims to complete negotiations before the summer vacation.

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