After two months and 20 rounds of negotiations, GM Daewoo, officially known as GM Daewoo Auto & Technology Co., has reached a tentative agreement on wages and working conditions with its union.
As per GM’s presser, “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.”
Unionized workers are expected to hold a meeting either this week or next to ratify the agreement. The General’s Korean arm faced a similar issue in 2008. Stay tuned as we learn more.