ST Pharm Reaches Wage Agreement... 6 Consecutive Years Without Disputes

ST Pharm has continued to achieve a six-year streak of dispute-free settlements in wage negotiations.

ST Pharm recently held the 2023 wage negotiation signing ceremony at the Banwol Campus and announced on the 13th that they reached an agreement on a 5% increase in base wages and an annual increase of 500,000 welfare points. ST Pharm, which achieved record-high sales last year, explained that the management and the union reached this agreement through eight rounds of negotiations from June 7 to August 16.

Moon Jun-mo, head of the ST Pharm branch of the National Chemical, Textile, and Food Workers' Union, stated, “There was a consensus on establishing a sustainable management environment and securing competitiveness in the global pharmaceutical and bio market.”

Kim Kyung-jin, CEO of ST Pharm, said, “I am grateful that labor and management reached a wage negotiation agreement based on trust for the company’s sustainable management,” adding, “By concluding the wage negotiations in a short period, labor and management secured growth momentum without production disruptions.”

ST Pharm was recognized as a model company operating exemplary labor-management relations in 2021 and received the Presidential Award at the Labor-Management Culture Awards. At that time, both sides narrowed differences regarding wage compensation for reduced working hours and the union’s wage freeze delegation through communication and cooperation.

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