GM Korea to resume negotiations on wage talks
- 6 years ago
Efforts are continuing to normalize operations at General Motors Korea.
GM Korea and its local labor union are holding a third round of talks,... as the company tries to slash costs in a bid to keep its South Korea-based factories open.
Wage negotiations were halted earlier this month after GM said it would shut one of its four factories in Korea and decide the fate of the other three in the coming weeks.
What happens is largely expected to depend on concessions made by the union and the level of support GM can secure from the South Korean government.
The resumption of talks highlights the intensifying pressure on the labor union to reach a deal to prevent GM leaving South Korea, where 16,000 people are employed by the U.S. auto giant.
GM has proposed a two-point-two billion dollar debt-to-equity swap for GM Korea in exchange for government support worth up to one billion dollars.
GM Korea and its local labor union are holding a third round of talks,... as the company tries to slash costs in a bid to keep its South Korea-based factories open.
Wage negotiations were halted earlier this month after GM said it would shut one of its four factories in Korea and decide the fate of the other three in the coming weeks.
What happens is largely expected to depend on concessions made by the union and the level of support GM can secure from the South Korean government.
The resumption of talks highlights the intensifying pressure on the labor union to reach a deal to prevent GM leaving South Korea, where 16,000 people are employed by the U.S. auto giant.
GM has proposed a two-point-two billion dollar debt-to-equity swap for GM Korea in exchange for government support worth up to one billion dollars.