LG Electronics has confirmed an average wage increase rate of 4.3% for this year.
According to the industry on the 12th, LG Electronics and the labor union (Labor-Management) announced this information through departmental briefings and the company bulletin board. On that day, it was reported that LG Electronics and the labor union (Labor-Management) had reached an agreement on the wage increase rate and welfare improvements.
The wage increase rate of 4.3% this year is a decrease of 0.9 percentage points compared to last year (5.2%). For office workers, the wage increase will be based on last year's performance evaluation grade (0-8%), combined with the long-term increase based on the performance evaluation grades from the previous four years.
LG Electronics and the labor union agreed to raise the starting salary for each rank by 1 million won compared to before to enhance wage competitiveness. This year's starting salary for new college graduates has been set at 53 million won, and the increased wages will be retroactively applied from March salaries.
In addition, the labor union decided to reduce the fixed overtime (overtime) from 24 hours to 20 hours included in the calculation of the monthly fixed salary (base salary + fixed overtime pay) for office workers, aiming to improve the work-life balance of employees.
The fixed overtime pay reduced due to the reduction in overtime hours will be paid in addition to the base salary, keeping the total aggregates unchanged.