Ssangyong Motors announced on July 27 that the company wrapped up a wage negotiation for 2017 without any disputes for the first time in the Korean automobile industry.
Ssangyong Motors said that 67% of its labor union members voted in favor of a tentative collective bargain agreement, approving the agreement on July 26. As a result, Ssangyong Motors concluded a wage negotiation without any disputes for eight consecutive years since 2010.
The wage negotiation which began with an exchange of greetings in June were finalized in favor of 67 percent (2,213) of all 3295 members who voted about the tentative agreement which was hammered out in the 16th round of the negotiation.
The main contents regarding wages in the agreement included a pay raise of 53,000 won. Other agreed on matters include a performance-based bonus of 2.5 million won and 150 million won worth of stocks (about 150 shares).
"The labor and management met halfway, believing that it is necessary to establish a stable labor-management relationship in order to maintain the Tivoli brand’s superiority in the small SUV market,” Ssangyong Motors said,
In particular, it was quite meaningful for Ssangyong Motors to conclude the agreement early at a time when collective bargain negotiations came to deadlock such as strikes started by other trade unions in the automobile industry, Ssangyong Motors added.