Renault Korea Motors Labor and Management Reach Tentative Agreement on Wage Negotiations

No Disputes... Basic Salary Increase of 100,000 Won, etc.

On the 19th, Renault Korea Motors announced that it had reached a tentative agreement in the 6th round of the 2023 wage negotiations held the previous day with the Renault Korea labor union.

Since the initial meeting on May 15, Renault Korea labor and management conducted three rounds of working-level negotiations and six rounds of main negotiations. In this tentative agreement, both parties agreed on a basic salary increase of 100,000 KRW, a one-time settlement payment of 2,500,000 KRW, a productivity incentive of approximately 1,000,000 KRW (variable PI 50%), and a labor-management harmony Biz Point payment of 200,000 KRW.

The tentative agreement will be finalized through a general meeting of employees on the 21st after a briefing session for union members.

Renault Korea Motors logo
Photo by Renault Korea Motors

This year’s wage negotiations were conducted with a shared understanding that, following the labor-management coexistence agreement, cooperation rather than conflict is necessary to create future value and ensure employment stability, and sincere discussions have been ongoing, according to the company.

Stephan De Vleeschauwer, CEO, stated, “I would like to thank both the labor union and company officials who, under the shared understanding of labor-management coexistence for the future during the wage negotiation process, made efforts to understand each other’s positions and narrow differences.” He emphasized, “Now, by strengthening competitiveness, let us unite as one to fully prepare to realize the future plans we are preparing, based on the commitment that ‘the future is in our hands.’”

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