LX Labor and Management Reach Wage and Collective Bargaining Agreement After 7 Months... Agree on 1% Base Salary Increase and Cost Reduction

Accelerating Management Normalization

The labor and management of Korea Land and Geospatial Informatix Corporation (LX Corporation) have dramatically reached an agreement on wage and collective bargaining negotiations that had been stalled for seven months.

On November 4, LX labor and management held a "Wage and Collective Bargaining General Meeting" at the headquarters in Jeonju, Jeollabuk-do, and announced that they had agreed to a 1% increase in base salary and to implement cost-saving measures. Considering the challenging business conditions, both sides decided to minimize the wage increase and pursue cost reduction to enhance management soundness.

Eom Myungso, President of Korea Land and Geospatial Informatix Corporation (LX Corporation) (left), and Wi Kyungyeol, Chairman of the LX Labor Union, are posing for a commemorative photo on the 4th in the conference room of the headquarters in Jeonju, Jeollabuk-do, after agreeing to finalize the 'Wage and Collective Bargaining'. Korea Land and Geospatial Informatix Corporation

From March to September, LX labor and management held 11 rounds of negotiations. The management provisionally agreed to the labor union's demand for a base salary increase and requested cooperation on cost-saving measures. However, the union declared a breakdown in negotiations and began protest activities outside the bargaining table. Nevertheless, the two sides continued unofficial discussions even after the breakdown and ultimately narrowed their differences to reach an agreement.

LX Corporation plans to accelerate the normalization of management based on labor-management coexistence, taking this agreement as an opportunity.

Eom Myungso, President of LX Corporation, stated, "Labor and management have recognized the seriousness of the current management crisis facing LX and have taken a step toward unity," adding, "Based on this, we will overcome the management crisis as soon as possible and become a public institution trusted by the people."