GM Korea resumed collective bargaining after the rejection of a tentative agreement on July 26 and reached a second tentative agreement on August 30.
The tentative agreement reached by the labor and management of GM Korea includes a base salary increase of 101,000 won, a lump sum payment of 15.5 million won, including a settlement lump sum payment and a performance payment for management performance in 2023, a travel expenses payment of 1 million won for returning home for Lunar New Year and Chuseok, and a special first salary increase, as well as wages, one-time incentive payments, performance payments, amendments to the collective bargaining agreement, and separate demands.
Commenting on the second tentative agreement, GM Korea said, “The labor union’s determination to respond to the company’s best offer for a quick settlement has resulted in a second tentative agreement between the labor and management.” “We look forward to the swift conclusion of the 2024 wage and collective bargaining agreement negotiations at an inflection point that could affect the company’s mid- to long-term business, and to securing the future competitiveness and sustainability of our Korean operations.”
GM Korea’s labor and management held 23 rounds of negotiations, starting with the first meeting on May 22 and concluding with the second tentative agreement on August 30.
Meanwhile, the union plans to hold a general membership meeting on September 3 and 4 to vote on the tentative agreement.