Wage Increase 6%↑ and One-Time Payment of 13 Million KRW... Hankook Tire Reaches Agreement with Union

Signing Ceremony for Wage Negotiation with Labor Union under KCTU

Hankook Tire has reached an agreement with the labor union under the Federation of Korean Trade Unions (FKTU) to increase wages by 6% and provide a lump sum payment averaging about 13 million KRW.

On the 22nd, Hankook Tire & Technology held a signing ceremony for the 2024 wage negotiation agreement at its headquarters in Seongnam, Gyeonggi Province, with the Hankook Tire & Technology Labor Union under the FKTU National Federation of Advanced New Materials Labor Unions.

The main points of the agreement include ▲a wage increase of approximately 6% ▲a safety production incentive of 3 million KRW ▲a lump sum settlement payment for past periods related to the payment of weekly holiday allowance and annual leave usage allowance as ordinary wages (averaging about 10 million KRW). The tentative agreement was approved by a majority vote in a referendum conducted among the members of the Hankook Tire & Technology Labor Union. Additionally, year-end incentives will be paid separately.

Lee Soo-il, CEO of Hankook Tire, said, "Despite the unpredictable global environment, this negotiation was successfully concluded thanks to the shared commitment based on trust between labor and management for the company's sustainable growth." He added, "We will continue to build a stable labor-management relationship through even stronger trust."

Lee Su-il, Vice Chairman and CEO of Hankook Tire & Technology/(left), and Hyun Bok-hwan, Chairman of the Korean Federation of Trade Unions Hankook Tire & Technology Labor Union, are conducting the 2024 wage negotiation signing ceremony and taking a commemorative photo at the Hankook Tire headquarters in Seongnam, Gyeonggi-do on the 22nd. Photo by Hankook Tire

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