HMM Labor and Management Agree on 7.9% Wage Increase and 650% Bonus Payment (Update)

[Asia Economy Reporter Dongwoo Lee] HMM labor and management dramatically reached an agreement on this year's wage negotiations on the 2nd.

According to HMM, HMM President Bae Jae-hoon, Land Union Chairman Kim Jin-man, and Maritime Union Chairman Jeon Jeong-geun, representatives of labor and management, finally signed a wage agreement this morning to increase wages by 7.9% and pay encouragement and incentive bonuses at 650%.

The main agreement includes a 7.9% wage increase retroactively applied from January 1 of this year. Encouragement and productivity incentive bonuses at 650% will be paid within the year. Additionally, welfare improvements will see an average increase of 2.7%.

Labor and management plan to jointly form a task force to work on restoring wage competitiveness and establishing a performance bonus system.

This wage negotiation agreement comes 77 days after the Land Union began negotiations on June 18 and the Maritime Union on July.

The land and maritime unions plan to hold a press conference as scheduled this morning to disclose detailed negotiation contents and communicate future directions based on the agreement.

With the labor-management agreement, the feared logistics crisis has been averted.

An HMM official said, "We apologize for causing concern to the public due to the prolonged negotiations, which could have led to a logistics crisis," and added, "We will take this wage negotiation as an opportunity for labor and management to unite and strive to complete the reconstruction of shipping."

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