Korea GM Labor and Management Reach Agreement on This Year's Wage and Working Conditions Negotiations... 60% Approval for Second Agreement Proposal

The tentative agreement on the 2024 wage and collective bargaining agreement reached by the labor and management of Korea GM was finally approved on the 4th through a union member vote. A total of 6,915 people participated in the vote, of which 4,173 (60.3% approval rate) supported the tentative agreement.

The agreement between Korea GM labor and management includes ▲ a base salary increase of 101,000 KRW ▲ a one-time settlement payment and performance bonuses totaling 15.5 million KRW for 2023 business performance ▲ special transportation allowance of 1 million KRW for Lunar New Year and Chuseok ▲ and key items such as wage adjustments including a special first-step promotion, one-time incentive payments, performance bonuses, amendments to the collective agreement, and other separate demands.

Robert Trim, Vice President of Labor and Human Resources, said, "We are pleased to conclude the long-standing 2024 labor-management negotiations with the approval of the tentative agreement. Now, labor and management will join forces to focus on restoring production volume and diligently prepare plans for the future to secure the company's future competitiveness and sustainability."

Korea GM labor and management held 23 negotiation sessions from the first meeting on May 22 to the second tentative agreement reached on the 30th of last month. The union conducted a general assembly (approval vote) on the second tentative agreement over September 3 and 4.