Voting for Union Members' Approval Scheduled for Next Month on the 3rd and 4th
The labor and management of Korea GM have held more than 20 rounds of negotiations and prepared the second tentative agreement for this year's wage collective bargaining. The agreement includes an increase in the amount of incentive bonuses and special promotions in employees' seniority steps.
According to the Korea GM branch of the Korean Metal Workers' Union, labor and management reached a tentative agreement on wage collective bargaining during the 23rd negotiation session on the morning of the 30th, which includes a basic salary increase of 101,000 KRW and a one-time and performance bonus payment of 15.5 million KRW.
After the first tentative agreement on the 26th of last month was rejected as it failed to secure over 50% approval in the union members' vote, negotiations resumed and an agreement was reached.
Through the second tentative agreement, labor and management agreed to increase the 'incentive bonus for profitability recovery following the implementation of business normalization' from 2 million KRW to 2.5 million KRW, and to grant a special promotion of one seniority step to employees. The content regarding product improvements for the vehicle models produced at the Bupyeong and Changwon plants and the mass production timeline set for the first quarter of 2027 was maintained.
The Korea GM union plans to conduct a union member vote on the tentative agreement on the 3rd and 4th of next month. A majority approval is required for ratification.
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