2024-07-30 17:22:47
Basic salary 139,000 won↑·Labor-management harmony·Cost reduction incentive
Ahead of the 50th anniversary on August 1st, a ‘quick and easy’ settlement was reached
Management pushes for additional payment of 50th anniversary special commemorative fund
Average annual salary exceeds 100 million won based on solid management performance and labor-management trust
Korea Zinc announced on the 30th that the labor and management concluded wage negotiations for 2024. With this wage negotiation agreement, the company has maintained a 37-year-long record of no disputes. In particular, ahead of the 50th anniversary of its founding on August 1st of this year, the labor and management actively worked to reach an agreement on wage negotiations, leading to an agreement faster than in other years. Last year, an agreement was reached in November. Compared to other companies in the same industry, Korea Zinc’s wage negotiations are considered to have reached an agreement early.
The main contents of the wage negotiation are an average increase of 139,000 won in base salary (including raises), 1.9 million won in incentives for labor-management harmony, and 1 million won in incentives for cost reduction and improvement. It also includes a provision to pay additional performance bonuses if operating profit reaches 1 trillion won this year. In addition, Korea Zinc’s top management decided to pay an additional special commemorative bonus to commemorate the 50th anniversary of its founding.
Contrary to the decline in business performance expected at the beginning of the year, Korea Zinc has maintained solid performance to date. Korea Zinc explained that this is the result of proactive risk management through process rationalization and cost reduction projects, as well as the efforts of all executives and employees to work together to improve performance.
A Korea Zinc official said, “Management uncertainty continues due to unpredictable situations such as raw material supply and demand, exchange rates, metal prices, and the U.S. presidential election,” and added, “Korea Zinc will achieve success in not only the existing smelting business but also the future eco-friendly business by working together with all executives and employees based on labor-management relations based on mutual trust.”
Korea Zinc has been actively investing in advanced technology and production facilities for the past 50 years, and has grown its sales to 10 trillion won and achieved double-digit operating profit margins. Going forward, the company aims to become a 100-year-old company by continuing sustainable management through growth in new businesses such as nonferrous metal smelting and Trojan drives, centered on labor-management relations based on mutual trust.
Meanwhile, according to last year’s business report, the average annual salary of Korea Zinc employees was 102.49 million won. It surpassed 100 million won for the first time last year. It is about twice as high as domestic zinc smelting competitors and is about 10 million won more than other nonferrous metal listed companies.
Kim Min-beom, Donga.com reporter [email protected]
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2024-07-30 17:22:47