According to foreign media reports, on April 23, GM’s South Korean branch finally reached a tentative salary agreement with the union, and General Motors won concessions in terms of salary, bonuses and benefits. As a result, GM gave up its plan to file for bankruptcy.
According to the contents of the foreign media coverage of the agreement, the union accepted the general requirement that it freeze the basic salary, cancel the bonus this year, and cut benefits. In the future, the growth of the company's basic wages and performance wages will depend on the company’s ability to restore profitability, while the increase in basic wages will not exceed inflation. The company will close the Gunsan Plant in May this year. As for the remaining 680 employees of the plant, the company will implement such programs as "voluntary retirement plans and transfer to other factories" to avoid layoffs.
At the press conference after the conclusion of the agreement, Hong Young-pyo, a ruling Democratic legislator who participated in the arbitration of the agreement, said that “the union has made huge concessions to save the company.†News attended by Hong Young-pyo and GM executives At the press conference, the union did not attend. A union spokesman declined to comment, saying that members of the union expect to vote on the preliminary agreement on April 25 and 26, local time.
GM Korea CEO Kaher Kazem stated in a statement: “With the latest agreement, GM Korea will become a competitive manufacturing company.†The agreement will help Korea Development Bank (KDB) to become a general Korean company. Financial support was provided, and General Motors decided to allocate new models to GM Korea to help GM Korea reverse the situation.
The chairman of the Korean Development Bank revealed to the media last week that the bank had initiated an interim due diligence on South Korea’s GM on Friday. If the survey results are satisfactory, the bank may sign a preliminary agreement before April 27. , Providing financial support for GM Korea, but only if the results of the survey are still uncertain. General Korea still needs to communicate with the Korea Development Bank about the latter's financial support issues, while trying to obtain taxation and other incentives from the Ministry of Industry.
GM Korea was once the main force of GM’s Asian strategy, but it has been affected by labor costs and the Chevrolet brand's withdrawal from Europe has also caused a significant blow to GM Korea. According to reports, the company suffered a net loss of US$1.1 billion in 2017, which was the fourth year in a row for the company.
GM Korea has manufactured more than one million assembled or partially assembled vehicles for the United States, Europe and emerging markets. General Electric Korea is also the engineering and design center of GM's small vehicles and electric vehicles, and is also a gathering place for some of GM's top global suppliers.
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