Renault Korea Labor and Management Reach 2023 Wage Negotiation Agreement Without Disputes

Employee General Meeting Vote Passed with 57.1%

Renault Korea Motors announced on the 19th that this year's wage negotiations were settled with 57.1% approval in a vote held at the general employee meeting. This marks the second consecutive year without labor disputes.

The tentative agreement reached by labor and management was approved by 1,053 votes in favor, accounting for 57.1% of the 1,844 participants (voter turnout 95.2%) out of a total of 1,936 union members. To negotiate this year's wages, labor and management began with a preliminary meeting on May 15 and conducted three rounds of working-level negotiations and eight rounds of main negotiations. During the 8th main negotiation held on the 14th, labor and management conducted overnight talks until the morning of the 15th to reach a new tentative agreement.

Renault Korea Motors Busan Plant Exterior [Photo by Renault Korea Motors]

Specifically, the agreement includes a base salary increase of 100,000 KRW, a one-time settlement payment of 2.7 million KRW, a variable PI (productivity incentive, 50% agreed by labor and management) of approximately 1 million KRW, labor-management harmony Biz Points worth about 310,000 KRW, and joint efforts by labor and management to improve and maintain the profitability of sales offices.

Meanwhile, Renault Korea is preparing a mid-size sport utility vehicle (SUV) model based on the Chinese Geely Automobile CMA platform and next-generation hybrid system, which have been applied to models such as Volvo, Lynk & Co, and Polestar, aiming for a domestic market launch in the second half of next year.

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