Renault Samsung Reaches Tentative Agreement on Labor Negotiations... Basic Pay Frozen, Incentive Payment Provided

[Image source=Yonhap News]

[Asia Economy Reporter Minji Lee] Renault Samsung Motors labor and management held the 13th negotiation session on the afternoon of the 31st and reached a tentative agreement on the 2020 and 2021 wage and collective bargaining agreement (wage and collective agreement). Although labor and management held negotiations on the 25th afternoon but failed to find common ground, it is reported that both sides made gradual concessions on this day.

It is known that the labor union accepted the company's demands including a compensation payment of 2 million KRW and an average productivity incentive of 2 million KRW per person, totaling a lump sum of 8 million KRW, plus additional gift certificates, on the condition of freezing the base salary for 2020 and 2021, but the exact amount has not been disclosed.

Both labor and management said they will organize and announce the detailed agreement contents and their positions. The labor union is expected to hold a member vote on the tentative agreement on September 2nd and 3rd. If the Renault Samsung Motors tentative wage and collective agreement passes with union approval, all wage and collective agreements for the five domestic automakers will be concluded this year.

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