LG Electronics Announces 4.33% Average Wage Increase This Year... Starting Salary for College Graduates at 53 Million KRW

Wage Agreement Reached Between Labor and Management
Announcement Made on the 12th

Yonhap News

LG Electronics has finalized this year's average wage increase rate at 4.3%.

According to industry sources on the 12th, LG Electronics and the labor union agreed on the wage increase rate and improvements to welfare benefits, and announced these details through departmental briefings and the company bulletin board. This year's wage increase rate is 0.9 percentage points lower compared to last year (5.2%).

For office workers, the wage increase will be applied by combining the increase rate based on last year's performance evaluation grades (0?8%) with the long-term performance increase based on the performance evaluation grades of the previous four years.

It was also agreed to raise the starting salary by 1 million KRW compared to before, by rank. Accordingly, the starting salary for new university graduates this year has been set at 53 million KRW, and the increased wages will be applied retroactively from the March payroll.

Additionally, to improve work-life balance for office workers by reducing overtime, the fixed overtime hours (overtime work) included in the calculation of the monthly fixed salary (base salary + fixed OT allowance) for office workers will be reduced from 24 hours to 20 hours.

The fixed OT allowance reduced due to the decrease in overtime hours will be paid in addition to the base salary, so the total fixed salary amount will be adjusted to remain the same.

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