LG Electronics to raise wages by 4.3% this year... Starting salary for college graduates is 53 million won

LG Electronics (066570) has decided to raise its average wages by 4.3% this year. Starting salaries for each job grade will be increased by 1 million won (US$980) from the previous level.
According to industry sources, on the 12th, LG Electronics and the labor union reached an agreement on a wage increase rate and benefit improvement plan based on the above contents.
This year's wage increase rate (4.3%) is 0.9 percentage points lower than last year's (5.2%). For clerical workers, the increase rate based on last year's performance evaluation grade (0-10%)
The wage hike will be 1.8% of the regular salary, plus the long-term performance increase based on the performance evaluation grade for the previous four years. LG Electronics' labor union has also decided to raise the starting salary by 1.8% from the previous level in order to strengthen wage competitiveness.
As a result, the starting salary for new college graduates this year has been set at 53 million won (approximately 5.4 million yen).
The system will be applied retroactively to the monthly salary of office workers. In addition, the system will be included in the calculation of monthly fixed salary for office workers in order to improve the work-life balance of employees by reducing overtime work for office workers.
The fixed overtime work that was previously included in the salary will be reduced from 24 hours to 20 hours. The fixed overtime pay that will be reduced due to the reduction in overtime work hours will be paid in addition to the basic salary, so the total amount of the fixed salary will be adjusted to the same amount.
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