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SK Innovation reaches labor agreement in record time

July 30,2019
SK Innovation finalized its biennial bargaining with labor in a record three weeks, the company said Monday.

On the same day, executives from SK Innovation and the union got together to sign a joint agreement regarding the company welfare. After five rounds of meetings, the agreement was finalized with 77 percent union approval.

“Both parties agreed to establish a ‘new norm’ in company-labor relations, and as a result we were able to avoid the time-consuming, tug-of-war process,” the company said.

At some companies, labor agreements, whether they regard welfare or wages, can take more than a year if parties fail to find common ground.

SK Innovation’s Monday agreement included expanded medical support for company employees to cover incurable diseases and a commitment to increase housing loans for young staff. The parties agreed to form a charity funded with a 1-percent deduction from basic pay.

By Song Kyoung-son