GM Daewoo reaches wage deal with workers
GM Daewoo Auto & Technology Co., General Motors Corp.’s Korean car-making unit, signed a wage deal with its union, ending a pay dispute that cost the company 3,500 vehicles in lost production. Workers will receive a 5.1 percent raise in base pay this year and an annual bonus equal to two months’ salary. Chief Executive Officer Michael Grimaldi and the company’s union leader signed the deal yesterday in Incheon, the company said in an e-mailed statement.The union stopped working for 14 hours during the dispute. The company makes about 13 percent of the vehicles sold worldwide by GM. Larger rivals Hyundai Motor Co. and Kia Motors Corp. haven’t yet reached deals with their unions. Bloomberg
with the Korea JoongAng Daily
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