South Korean workers for Kia Motors Corp have agreed to a freeze in base salary for the first time in 11 years under a preliminary deal with the automaker following 16 rounds of negotiations, a union official said on Tuesday.
Instead of a raise in base salary, each unionised worker would receive a one-time bonus of 150 per cent of their monthly base pay, as well as an incentive worth 1.20 million won ($1,095) and a gift card worth 1.30 million won, the official said. Kia also offered to restore a 25-minute overtime pay system which was scrapped in 2017, but it rejected proposals to raise the retirement age by five years to 65. — Reuters
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