Korea National Oil Corporation Reaches Uncontested Wage Agreement for 8 Consecutive Years

Consensus on Unity for Success of Gwanggaeto Project Including East Sea Deep Sea Gas Field Exploration

Adoption of Joint Declaration on Labor-Management Win-Win Cooperation ... Commitment to Continuous Labor-Management Collaboration

The Korea National Oil Corporation labor-management council (President Kim Dong-seop, Chairman Hwang Seong-hoon) signed the 2024 wage agreement on the 24th at the Ulsan headquarters, concluding wage negotiations without dispute for the eighth consecutive year.

Wage Agreement Signing and Joint Declaration Ceremony for Labor-Management Win-Win Cooperation (left: Hwang Seong-hoon, Labor Union Chairman; Kim Dong-seop, President). Photo by Korea National Oil Corporation

Through the wage negotiations, the labor and management agreed to increase the total labor cost by 2% in accordance with government guidelines.

This successful negotiation was greatly influenced by the mutual consensus between labor and management to overcome the internal and external crises faced by the oil corporation, such as the expanding uncertainties in the global oil market, and to concentrate the company-wide capabilities on the successful execution of key projects like the Gwanggaeto Project.

To strengthen mutual trust and the will for win-win cooperation, labor and management adopted a ‘Joint Declaration for Labor-Management Win-Win Cooperation’ following the wage agreement signing ceremony. This was particularly motivated by the mutual recognition that cooperation between labor and management is more important than ever, especially as deep-sea gas field exploration drilling in the East Sea is underway amid nationwide interest.

The Joint Declaration for Labor-Management Win-Win Cooperation includes key points such as ▲ successful execution of the Gwanggaeto Project based on mutual trust and cooperation between labor and management ▲ cooperation to create a workplace where all members are happy ▲ smooth resolution of current issues through labor-management partnership.

Kim Dong-seop, President of the Korea National Oil Corporation, stated, “Labor and management have maintained a cooperative labor-management relationship based on mutual trust, and thanks to this, we have achieved net profit for two consecutive years despite difficult management conditions. We will make united efforts as labor and management to ensure the success of the Gwanggaeto Project, a national task, taking this dispute-free negotiation settlement and win-win cooperation declaration as an opportunity.”

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