GM Daewoo reaches Tentative Agreement with Labor Union
2010-07-22

Seoul, Korea — GM Daewoo Auto & Technology Co. (GM Daewoo) confirmed tonight that a tentative agreement on wages and working conditions was reached between the company and its union late this afternoon after 20 rounds of negotiations.

The agreement includes a monthly base wage increase of KRW 74,359 ($61.7 USD), an incentive of KRW 2.5 million ($2,076 USD) upon ratification of said agreement and a payment of KRW 2 million ($1,661 USD) in performance pay to be paid at the end of the year.

With the tentative agreement, GM Daewoo labor and management ended more than two months of negotiations since they had the first meeting on May 12 and unionized workers are expected to hold a vote on the agreement early next week.

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