Samsung Heavy Reaches First Wage Deal Among Korea’s Big Three Shipbuilders
Samsung Heavy Industries has become the first of South Korea’s three major shipbuilders to conclude this year’s wage negotiations, bringing months of labor-management tensions to an end. The settlement is the only agreement reached so far among the three major shipbuilders, as the unions at Hanwha Ocean and HD Hyundai Heavy Industries continue to face ...
Samsung Heavy Industries has reached the first wage agreement among South Korea's major shipbuilders this year, ending a period of labor-management disputes. This marks a significant milestone, as the unions at Hanwha Ocean and HD Hyundai Heavy Industries continue to clash with management. The agreement was approved by a ratification vote among 3,880 union members, with 58.78% voting in favor.
The base pay will increase by 5.2%, totaling 131,786 won ($97), which includes a 4.5% increase of 113,842 won and a 0.7% regular salary raise. Samsung Heavy Industries Workers Council approved the agreement after 20 rounds of negotiations. The deal also includes an incentive payment of 7 million won, a restructuring of the performance bonus system, and enhanced measures for employee benefits and job security.
The re-employment period for employees reaching the mandatory retirement age has been extended from one year to a "1+1 year" arrangement. The housing loan limit has been increased to 70 million won, and paid leave for employees with 40 years of service has been expanded to 15 days. The agreement was reached through mutual trust and respect, with the company committing to improved performance and a cooperative labor-management culture.
The industry will be closely monitoring Samsung Heavy Industries' settlement to assess its impact on stalled negotiations at other shipbuilders.
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- Samsung Heavy Reaches First Wage Deal Among Korea’s Big Three Shipbuilders businesskorea.co.kr