Korea GM Labor and Management Reach Tentative Wage Agreement... Base Salary to Increase by 95,000 Won
Korea GM's labor and management have reached a tentative agreement in this year's wage negotiations.
According to the Korea GM branch of the Korean Metal Workers' Union on September 18, labor and management prepared a tentative agreement during the 19th round of negotiations held that day.
The tentative agreement includes a lump-sum payment of 5 million won, a performance bonus of 7 million won, and an encouragement bonus of 5.5 million won, totaling 17.5 million won, to be paid upon conclusion of the negotiations. It also includes a monthly base salary increase of 95,000 won. In addition, a new production incentive allowance for other work and an increase in the assembly T/C allowance were also tentatively agreed upon.
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The union will conduct a vote among its members from September 22 to 23. If more than half of the voters approve, the wage negotiations will be finalized.
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