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Photo = Yonhap news |
[Alpha Biz= Kim Jisun] LG Electronics has confirmed a 4.3% average wage increase for this year.
According to industry sources on Wednesday, LG Electronics and the labor union reached an agreement on the wage increase and improved benefits, which was announced through departmental briefings and internal notice boards. The 4.3% wage increase for this year is 0.9 percentage points lower than the 5.2% increase in 2024.
Office workers will receive a wage increase based on their performance ratings from last year (ranging from 0 to 8%) along with a long-term performance increase calculated from their past four years of performance evaluations.
To strengthen wage competitiveness, the starting salary for each job grade will increase by 1 million KRW compared to previous levels. As a result, this year’s starting salary for new college graduates is set at 53 million KRW. The wage increase will be applied retroactively starting from the March paycheck.
In order to improve work-life balance, the company and the union agreed to reduce the fixed overtime hours included in the monthly salary for office workers from 24 hours to 20 hours. The reduction in overtime pay will be added to the base salary, ensuring that the total fixed salary remains the same.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
