KG Mobility (KGM) announced that it has finalized the 2024 wage negotiations, as the agreement was approved by 56.2% of the union members in a vote on the tentative wage agreement.
KGM’s labor and management (labor union and management) held lengthy discussions to reach a tentative agreement, but rather than a conflict and confrontation structure due to sharp differences in positions, the discussions focused on improving working conditions such as wages and benefits, as well as KGM’s vision for future development, including technology and product competitiveness for sustainable development.
KG Mobility negotiation settlement
In particular, the labor and management agreed that employees should lay the foundation for their own survival in an uncertain business environment, and they conducted sincere negotiations throughout the negotiation period and were able to conclude the negotiations without any unrest.
The conclusion of the negotiations marks KGM‘s 15th consecutive year without a labor dispute since 2010, and lays the foundation for further establishing an exemplary labor-management culture of coexistence and cooperation since the new KG family company.
The 2024 wage negotiations began in June and concluded on the 29th with the 23rd round of negotiations, and the tentative agreement was finally approved by 56.2% (1,608) of the members (2,863) who voted on the 30th.
The main contents of the agreement include an increase in basic salary by 72,000 won, a productivity incentive (PI) of 2.5 million won and a profit share (PS) of 1 million won.
“As global competition is accelerating in the era of electrification, we need to lay the foundation for our own survival, and we have achieved a labor dispute-free settlement for 15 consecutive years through sincere negotiations,” said Jang Ho Park, CEO of KGM. ”We are grateful to the labor union and employees for their concessions and determination to ensure job security and sustainable development of the company under difficult circumstances.”
“As Acteon, which was launched last month, has been well received in the market, we will continue to produce products with the highest quality based on a win-win cooperative labor-management culture, as well as increase sales volumes while realizing customer satisfaction through uninterrupted production and efficiency improvement.”