"Base Pay Up by 100,000 Won, Performance Bonus of '300% + 4 Million Won'"... Kia Labor-Management Talks Reach Final Agreement for This Year

[Financial News] Kia Corporation and its labor union have finally concluded this year's wage and collective bargaining negotiations.
On the 28th, the Kia labor union announced that the tentative agreement had been approved in a vote in which 22,479 of the company's 24,710 union members participated.
The wage agreement passed with 14,409 votes in favor and 8,027 against, for an approval rate of 64.1%.
The collective bargaining agreement was also approved, with 14,178 votes in favor and 8,190 against, or 63.1% support.
The two sides held 12 rounds of full-scale negotiations, starting with their first meeting on June 4, and reached a tentative agreement on the 25th.
The agreement includes a 100,000 won increase in base pay, a performance bonus of 300% plus 4 million won, a quality-improvement incentive of 100% plus 4.7 million won, a 4 million won bonus to mark the AutoCar Awards win, 47 shares of company stock as a bonus for reaching a labor deal, and 500,000 special points if maximum production and sales targets are met.
The two sides plan to hold a signing ceremony for the agreement on the 31st.
Meanwhile, the Hyundai Motor Company Labor Union also plans to vote on its tentative wage agreement on the same day, the 31st.

[email protected] Kim Dong-chan Reporter