Renault Samsung Labor and Management Reach Tentative Agreement on Wage and Collective Bargaining... Vote Scheduled for the 3rd
Agreement on a Lump Sum of 8.3 Million Won Including Labor-Management Harmony Allowance
![[Image source=Yonhap News]](http://www.asiae.co.kr/news/img_view.htm?img=2021081910215183239_1629336111.jpg)
[Asia Economy Reporter Yu Je-hoon] Renault Samsung Motors labor and management have reached a tentative agreement on wages and collective bargaining.
According to industry sources on the 1st, Renault Samsung labor and management held the 13th round of negotiations yesterday afternoon and succeeded in preparing a tentative agreement on the 2020 and 2021 wage and collective bargaining agreement. Although no agreement was reached during the negotiations on the 25th, both sides made concessions in the resumed talks yesterday, leading to a dramatic agreement.
The tentative agreement includes approximately 8.3 million KRW in one-time compensation, consisting of ▲ basic wage freeze compensation incentive of 2 million KRW ▲ wage and collective bargaining agreement settlement incentive of 2 million KRW and Biz Points of 300,000 KRW ▲ New Arkana Hybrid (HEV) European export launch success incentive of 1 million KRW ▲ special incentive for securing production stability of 1 million KRW ▲ productivity incentive (PI) variable payment portion 100% (about 2 million KRW). In addition, labor and management agreed on a temporary labor-management harmony allowance (150,000 KRW per quarter until next year), establishment of TCF allowance for assembly plant workers (20,000 KRW), increase in line allowances, and reclassification of grades.
Hot Picks Today
"Buy on Black Monday"... Japan's Nomura Forecasts 590,000 for Samsung, 4 Million for SK hynix
- "Plunged During the War, Now Surging Again"... The Real Reason Behind the 6% One-Day Silver Market Rally [Weekend Money]
- "Not Everyone Can Afford This: Inside the World of the True Top 0.1% [Luxury World]"
- "We're Now Earning 10 Million Won a Month"... Semiconductor Boom Drives Performance Bonuses at Major Electronic Component Firms
- Experts Are Already Watching Closely..."Target Stock Price 970,000 Won" Now Only the Uptrend Remains [Weekend Money]
The tentative agreement will be finalized through a vote at the general employee meeting scheduled for the 3rd. A Renault Samsung official stated, "Upon final settlement, it is expected to resolve the prolonged labor-management conflict and ensure smooth supply response for the XM3 European export vehicles and successful establishment in the European market," adding, "The outlook for securing future volumes for Renault Samsung will also brighten following the recent signing of the eco-friendly vehicle joint development memorandum of understanding (MOU) between Renault Group and China's Geely Automobile."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
