"If Goals Are Met, 300% of Base Wage Will Be Given"… Hanwha-Daewoo Shipbuilding Union Reaches Tentative Agreement

Hanwha Group, which is acquiring Daewoo Shipbuilding & Marine Engineering, has decided to pay Daewoo Shipbuilding employees a performance bonus equivalent to 300% of their base salary upon achieving targets.

According to industry sources on the 21st, Hanwha and the Daewoo Shipbuilding labor union held a working-level consultative meeting on the 19th and reached a tentative agreement on this matter.

The performance bonus is scheduled to be paid early next year depending on whether this year's sales targets are met. The specific targets have not yet been determined.

An employee of Daewoo Shipbuilding & Marine Engineering in Geoje-si, Gyeongsangnam-do, cutting steel plates to be used on a ship. [Image source=Yonhap News]

Previously, the Daewoo Shipbuilding labor union demanded a 'compensation payment' from Hanwha for the acquisition, but Hanwha maintained that considering Daewoo Shipbuilding's management situation, it was difficult to provide such compensation.

A Hanwha official explained, "Based on the tentative agreement reached at the working-level consultative meeting, we plan to conclude negotiations with the labor union within this month," adding, "Both labor and management are having many discussions for the future."

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