LG HelloVision labor and management have finally reached a wage and collective bargaining agreement centered on a pay raise and expanded welfare benefits.
According to the industry on the 12th, LG HelloVision labor and management agreed to raise employee wages this year by 3.2% from a year earlier. They also increased the monthly telecom allowance to 100,000 won and added 200,000 won in welfare points, putting together a total of 1.76 million won in cash-equivalent support.
The union initially demanded a 4.4% increase, while management argued for 2.8%, prolonging the dispute, but the two sides ultimately found a middle ground. Analysts say the confrontation that had escalated into a hardline standoff has eased.
LG HelloVision sat at the bargaining table 11 times since Apr. last year, but the sides remained far apart over the wage increase rate and voluntary retirement. Even after two mediation proposals by the National Labor Relations Commission, management rejected them, further intensifying the conflict. In Nov. last year, the company staged its first general strike since its founding.
However, rising expectations for improved earnings recently led to a settlement. LG HelloVision posted 26.6 billion won in cumulative operating profit through the third quarter this year, more than doubling from a year earlier. Still, concerns linger over performance due to the structural slump in the pay TV market. While labor and management wrapped up the dispute through this negotiation, there are concerns that conflicts could resurface depending on future economic uncertainty.