LS Electric(010120) settled its wage and collective agreement for the second straight year through talks-free negotiations, following last year.
LS Electric said on the 12th that it held a "worker-management win-win agreement ceremony to delegate wage and collective bargaining and to celebrate achieving $1.2 billion in exports" at LS Yongsan Tower in Yongsan-gu, Seoul, on the 10th. Attendees included LS Electric Chair Koo Ja-Kyun, LS Electric CEO Chae Dae-seok, union head Lee Ho-jeong, and worker representatives from the labor-management council.
LS Group has used the term "labor and management (workers and management)" instead of "labor and employer (workers and employers)," and LS Electric said it will officially use the term "workers and management" with this agreement as a turning point.
Koo said, "I am grateful to the LS Electric labor union and all executives and employees for trusting the company and making a broad-minded decision again this year, following last year," and added, "If workers and management unite to further strengthen overwhelming competitiveness and continue bold investments in future strategic industries, including direct current (DC), it will be possible to leap forward as a company leading the global power market."