Hanwha Ocean Reaches Tentative Wage Agreement
Labor and management at Hanwha Ocean have prepared a tentative agreement after long-running negotiations for the wage and collective agreement. The contents include a basic pay increase of 140,000 won (about $106) and a lump-sum payment of 8,500,000 won (about $6,422), along with improvements to the
Hanwha Ocean has reached a tentative wage agreement with labor and management after extensive negotiations. The deal includes a basic pay increase of 140,000 won ($106) and a lump-sum payment of 8,500,000 won ($6,422), covering both a settlement and a win-win encouragement bonus. The agreement also introduces a system to provide welfare points worth 1,000,000 won annually, expands the pre-school child support fund, and extends rehiring opportunities for retirees.
The performance pay system underwent improvements through the formation of a task force, aiming to create objective and predictable indicators for financial and strategic performance pay calculations. The union had initially sought higher pay and more generous bonus structures, while management proposed a lower basic pay increase and a smaller lump-sum payment.
The tentative agreement, which prioritizes both immediate compensation and long-term wage and welfare improvements, will be voted on by union members on October 29. If approved, Hanwha Ocean Branch Head Kim Yoo-chul, who has been on a high-altitude sit-in at a Geoje workplace, is anticipated to end his protest.
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