Renault Korea, labor union reach tentative wage deal

Renault Korea's Grand Koleos SUVs / Courtesy of Renault Korea

Renault Korea Motors said Wednesday it has reached a tentative agreement with its labor union in this year's wage negotiations.

Under the deal, the company will raise the base monthly wage by 103,500 won ($75) and provide a bonus of 2.5 million won to each employee, along with a separate 150 percent performance-based incentive.

The two sides also agreed to establish a joint labor-management committee to review and improve the company's personnel management system ahead of next year's wage negotiations.

The 20-member committee, composed of equal numbers of union and management representatives, will discuss issues such as peak-wage structure, base salary standards and working conditions.