Seoul: Renault Korea Motors Co. announced on Wednesday that it has successfully reached a tentative agreement with its labor union amid this year's wage negotiations. The agreement marks a significant step towards resolving ongoing disputes over employee compensation and benefits.
According to Yonhap News Agency, the deal includes an increase in the base monthly wage by 103,500 won (US$75) for each employee. In addition to the wage hike, the employees will receive a bonus amounting to 2.5 million won, supplemented by a distinct performance-based incentive set at 150 percent.
As part of the agreement, a joint labor-management committee will be established, aimed at reviewing and improving the company's personnel management system. This committee, which will consist of 20 members with equal representation from both the union and management, will focus on critical issues such as the peak-wage structure, base salary standards, and working conditions. The committee's findings will be instrumental as the company prepares for next year's wage negotiations.