Approval Rate Barely Over Half
Includes Special Incentive of 2.5 Million Won
The wage and collective bargaining agreement (CBA) between labor and management at Renault Korea has been finally reached. According to Renault Korea on the 11th, the union conducted a vote among its members on whether to accept the tentative agreement, resulting in a final approval rate of 50.5%. The opposition vote accounted for 49.1%.
Earlier last month, labor and management had prepared a tentative CBA, but it was nullified after being rejected in the member vote. As a result, the union launched a full strike on the 13th of last month, and the management responded with a workplace shutdown. However, on the 27th of last month, management withdrew the workplace shutdown, and the union temporarily suspended the strike on the 8th of this month to resume negotiations, leading to the final agreement.
The finalized second agreement includes an 80,000 KRW increase in base salary, a performance bonus of 3 million KRW to celebrate the successful launch of the mid-size sports utility vehicle (SUV) "Grand Koleos," a variable PI bonus up to 100% (approximately 2 million KRW), a special incentive of 2.5 million KRW, improvements to the wage peak system, and labor-management harmony Biz Points.
With this agreement, Renault Korea is expected to establish a stable production environment, and both labor and management anticipate cooperating to achieve better results in the future.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
