[Alpha Biz=(Chicago) Reporter Kim Jisun] GM Korea's labor and management have reached a tentative agreement on wage negotiations this year. The union will withdraw its strike announced on the 11th and proceed with a vote on the tentative agreement. If the agreement is passed, GM Korea will continue to settle the dispute for three consecutive years.

According to the auto industry on the 8th, labor and management of GM Korea agreed on a tentative agreement that calls for a △ increase of 70,000 won in basic salary △ 10 million won in performance △ and the formation of a special consultative body to set up a performance-based bonus system for production workers.

As GM Korea dramatically agreed to wage and collective agreement just before the strike, it is expected to affect the wage and collective agreement of other automakers such as Hyundai Motor, Kia, and Renault Korea. Hyundai Motor's labor union has announced a partial strike from the 13th to the 14th if it fails to produce satisfactory results after intensive negotiations by the 12th.

 

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