SOUTH KOREA: Kia to increase workers’ monthly salary by 5.1%

By Dave Leggett | 28 October 2014

Kia Motors' union workers have approved the wage deal for 2014, Yonhap has reported. The deal calls for a 5.1% hike in monthly wages.

As per the agreement between the company and the workers, basic monthly salary will be increased by KRW98,000 (US$93.1), and workers will get 450% bonuses and a lump sum of KRW8.9m as compensation and rewards for meeting production targets and launching new car models.

Further, the retirement age has been increased to 60 from the previous 59, with the company promising to expand maternity leave and improve medical checkups for employees.

Kia plans to set up a special pay system and standard wage reform committee to determine the extent to which bonuses should be considered a part of a worker's regular salary.