GM Korea, union reach tentative wage deal

[THE INVESTOR] GM Korea, the Korean unit of General Motors, has reached a tentative wage deal with its union, the company said on Sept. 7, signaling a near end to months of negotiations and a series of partial strikes.

The unionized workers will vote on the agreement, with the exact date to be decided later in the day.

Under the tentative deal, workers’ monthly salary will rise by 80,000 won (US$73.12) along with a 4.5 million won bonus and an additional 6.5 million won in incentives.

“The company made a tentative agreement after considering the demands of the union in order to keep consumer trust and secure competitiveness for a sustainable future in the uncertain business environment,” the company said in a statement.

The agreement was reached after 30 rounds of negotiations that began on April 26.

By Ahn Sung-mi (sahn@heraldcorp.com)