Wage Increase Rate Confirmed After Consultation with Labor Union
LG Electronics' average wage increase rate for this year has been finalized at 5.2%. The starting salary for new university graduates is 52 million KRW.
On the 9th, LG Electronics reached an agreement with the labor union (Nokyung) on the wage increase rate and improvements to welfare benefits, and informed employees of these matters through departmental briefings and notices on the company bulletin board.
The average wage increase rate agreed upon by LG Electronics and Nokyung for this year is 5.2%, slightly down from last year's 6%. The company explained, "For office workers, the wage increase will be applied by combining the basic increase rate based on last year's performance evaluation grade and the long-term performance increase based on the performance evaluation grades of the previous four years."
To strengthen wage competitiveness, the starting salary by rank will be increased by 1 million KRW compared to before. As a result, the starting salary for new university graduates this year has been set at 52 million KRW. The increased wages will be applied retroactively from the March payroll.
Additionally, Nokyung expanded some systems and welfare support, including improvements to maternity protection policies. Paid leave for infertility treatment will be extended from the existing 3 days to 6 days, and the application period for reduced working hours during pregnancy will be expanded.
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