GM Korea agrees to give workers incentive payments, record bonus

Article by Christian Andrei, on July 14, 2011

A 2011 wage deal has been reached by the labor union and the South Korean unit of General Motors that the management has already approved. Under the tentative agreement, GM Korea will give a record bonus and incentive payments of 6.5 million won ($6,144) to its workers. The agreement also cites that basic salaries should be increased by 4.7%.

The union official shared that of the 98.8% voter turnout, only 55.9% of the voters were in favor of the deal.

There are about 10,164 eligible union members while 10,045 workers had participated to cast in their vote.

The company told Dow Jones that under the new deal, GM Korea's unionized workers get a 78,828 won ($75) increase in their basic monthly salary and 3 million won in one-off bonuses per employee, as well as 4 million won in performance-based pay for the year 2010.

The union requested for a 150,611 won increase in its basic monthly salary and 30% of the company's 586 billion won net profit last year in profit sharing.

GM offered these workers a 68,828 won increase in basic wages as well as 2.2 million won for each employee in one-time bonuses. GM Korea, which had signed wage deals without any strikes in 2009 and 2010, said that its production loss had totally nearly 9,700 vehicles.

Topics: gm, incentives

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