GM Korea Labor and Management Reach 2024 Wage Agreement
SEOUL – The tentative 2024 wage and collective bargaining agreement between GM Korea's labor and management was officially approved on September 4 following a vote by union members. Out of 6,915 employees who voted, 4,173(60.3%) voted in favor of the agreement.

The agreement includes a KRW 101,000 increase in base salary; a lump sum and performance bonus tied to the company's 2023 performance totaling KRW 15.5 million; a KRW 1 million payment for travel expenses during the Lunar New Year and Chuseok holidays; and wage adjustments including a one-level advancement promotion payment, one-time incentives, performance bonuses and changes to the collective bargaining agreement.

"We are pleased that the negotiations between labor and management for 2024 have successfully concluded," said Labor Relations and Human Resources Vice President Robert Treme. "Labor and management will collaborate on restoring production levels and seamlessly implementing future strategies, thereby ensuring the company's long-term competitiveness and sustainability."

GM Korea's labor and management engaged in 23 rounds of negotiations beginning on May 22 and reaching a second tentative agreement on August 30. The union conducted a general vote on this tentative agreement among its members on September 3 and 4.

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 in Korea has about 12,000 employees. In 2023, GM in Korea sold 38,755 units in the domestic market and exported 429,304 finished vehicles around the world.