Korea GM, Second Tentative Wage Agreement Reached Between Labor and Management... Approval Vote Scheduled

[Asia Economy Reporter Dongwoo Lee] The labor and management of Korea GM (GM) reached a second tentative agreement on this year's wage negotiations on the 19th.

According to the Korea GM branch of the Korean Metal Workers' Union, the Korea GM labor and management held negotiations on the day and reached a tentative wage negotiation agreement.

The tentative agreement included an additional provision that Korea GM management will provide employees with maintenance coupons worth approximately 300,000 KRW per person for company brand vehicles. Additionally, employees will receive traditional market gift certificates worth 200,000 KRW per person.

The contents of the first tentative agreement, including a 30,000 KRW increase in the monthly base salary and a lump sum payment of 4.5 million KRW, were also maintained.

However, the timing of the lump sum payment to union members was moved forward, with 4 million KRW of the 4.5 million KRW to be paid immediately upon the conclusion of the wage negotiations, and the remaining 500,000 KRW to be paid at the end of this year.

The Korea GM union plans to soon conduct a vote asking union members for their approval or disapproval of the second tentative agreement. If a majority of voters approve the negotiation proposal in the vote, the wage negotiations will be finalized.

Previously, Korea GM labor and management had prepared a tentative agreement on this year's wage negotiations on the 22nd of last month and conducted a union member approval vote, but the agreement was rejected as 51.15% of the majority voted against it.

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