It has been confirmed that the labor and management at Heungkuk Fire&Marine Insurance reached an agreement on this year's wages and a one-time payment.
According to the insurance industry on the 11th, the labor and management at Heungkuk Fire&Marine Insurance recently agreed through wage and collective bargaining to raise wages by 3.5% this year. In addition, they also prepared a plan to pay a one-time 3 million won to executives and employees. The raise rate is the same as last year, but an additional 2 million won will be paid as a one-time payment.
Under this agreement, executives and employees at Heungkuk Fire&Marine Insurance have received the retroactive portion of the raise. However, performance bonuses are a separate matter for discussion and were not addressed in this round of negotiations.
In the industry, the view is that Heungkuk Fire&Marine Insurance set the raise rate conservatively in light of last year's sluggish results. The company's net income for the first half of last year was 106.9 billion won, down 34.7% from a year earlier. However, in the first half of this year, net income rebounded to 132.3 billion won, up 51.4% from the same period a year earlier.
A Heungkuk Fire&Marine Insurance official said, "With this year's wage-and-collective bargaining concluded, the raise has been reflected in pay."