GM Korea and Its Union Reached a Tentative Agreement

For Release: Tuesday, July 23, 2024

SEOUL – GM Korea Company and its union reached a tentative agreement on 2024 wage and CBA negotiations today.

The tentative agreement between GM Korea and its union includes a base wage increase of KRW 101,000, a lump sum signing payment and performance payment of KRW 15 million, and newly added New Year and Chuseok homecoming special transportation cost payment of KRW 1 million. The main points of the tentative agreement address wages, one-time encouragement payments, performance bonuses, CBA revision and additional collective bargaining requirements.

"We are pleased that a tentative agreement has been reached between labor and management, thanks to the union's decision on the company's best plan for a quick resolution," GM Korea said about the agreement. "At this crucial juncture, which could impact the company's mid-to-long-term operations, we look forward to ensuring the future competitiveness and sustainability of the Korean operations by swiftly concluding wage and CBA negotiations in 2024."

After launching the wage and CBA negotiations on May 22, GM Korea and its labor union had 20 rounds of negotiations until they reached a tentative agreement on July 23.

ABOUT GENERAL MOTORS

General Motors is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which powers everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at www.gm.com.

GM operates production and sales operations and an engineering center in Korea, which were established in 2002 and 2019, respectively. GM has about 12,000 employees in Korea. In 2023, it sold 38,755 units in Korea and exported 429,304 finished vehicles around the world.