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(LEAD) Renault Samsung, labor union reach tentative wage deal

All News 23:28 August 31, 2021

(ATTN: UPDATES throughout)

SEOUL, Aug. 31 (Yonhap) -- Renault Samsung Motors Corp. and its labor union on Tuesday reached a tentative wage deal amid the extended COVID-19 pandemic, the South Korean unit of Renault S.A. said.

The deal includes a freeze in basic pay for 2020 and 2021 and a lump sum bonus payment of 8 million won (US$6,915) plus 300,000 won worth of gift certificates per worker, the company said.

They also agreed to make efforts to ensure the company will continue to produce the model that it currently makes beyond 2024, and secure a new model in 2025.

The wage agreement is subject to a vote by union members scheduled for Friday, the union said.

Four other carmakers in the country, including Hyundai Motor Co., have concluded wage negotiations for this year.

This file photo taken May 4, 2021, shows a plant of Renault Samsung Motors Corp., the South Korean unit of Renault S.A., in the southeastern port city of Busan. (Yonhap)


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