Samsung Heavy Industries has become the first among South Korea's 'Big Three' shipbuilders to finalize wage negotiations. The agreement includes a 5.2% increase in base salary and a total bonus of 7 million won.
According to Yonhap News on September 23, the tentative wage agreement reached by Samsung Heavy Industries and its labor union was approved by 58.78% of union members in a vote. Under the agreement, the base salary will increase by 131,786 won (5.2%), including regular increments. The bonus consists of 2 million won for wage agreement encouragement, 3 million won for labor-management harmony, and 2 million won for enhancing future competitiveness, totaling 7 million won.
The method for calculating performance bonuses has also been revised. The basis for the excess profit incentive (OPI) has changed from 20% of economic value added (EVA) to 10% of operating profit.
A Samsung Heavy Industries representative stated, "We concluded the wage negotiations based on mutual trust and respect, and all employees will work together to enhance competitiveness and improve performance while striving to build a cooperative labor-management culture."
Meanwhile, negotiations over wages and performance bonuses at HD Hyundai Heavy Industries and Hanwha Ocean are ongoing, with labor disputes entering a prolonged phase.
According to Yonhap News on September 23, the tentative wage agreement reached by Samsung Heavy Industries and its labor union was approved by 58.78% of union members in a vote. Under the agreement, the base salary will increase by 131,786 won (5.2%), including regular increments. The bonus consists of 2 million won for wage agreement encouragement, 3 million won for labor-management harmony, and 2 million won for enhancing future competitiveness, totaling 7 million won.
The method for calculating performance bonuses has also been revised. The basis for the excess profit incentive (OPI) has changed from 20% of economic value added (EVA) to 10% of operating profit.
A Samsung Heavy Industries representative stated, "We concluded the wage negotiations based on mutual trust and respect, and all employees will work together to enhance competitiveness and improve performance while striving to build a cooperative labor-management culture."
Meanwhile, negotiations over wages and performance bonuses at HD Hyundai Heavy Industries and Hanwha Ocean are ongoing, with labor disputes entering a prolonged phase.
* This article has been translated by AI.
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