HJ Shipbuilding & Construction (097230.KS) has become the first South Korean shipbuilder to wrap up this year's wage and collective bargaining talks.
The company said it held a signing ceremony for its 2026 wage and collective agreement on the 28th, attended by representatives of both labor and management. Negotiations began with an initial meeting in May, and the two sides reached a tentative agreement on Sept. 16. The deal was approved in a union vote held the following day, with 69.4% in favor.
Key terms include a flat 80,000 won increase in base pay, a 6 million won performance incentive for 2026 and a 2 million won bonus for reaching the settlement.
"At a time when major domestic shipbuilders are struggling in their wage negotiations, it is significant that we found common ground early through dialogue and compromise, without any industrial action," a company official said. "It also reflects a shared understanding between labor and management on improving the company's performance and building a foundation for sustainable growth as conditions in the shipbuilding industry improve."
Building on the settlement, HJ Shipbuilding & Construction said it will further strengthen trust and cooperation between labor and management while raising productivity and technological capabilities to sharpen its competitiveness in core businesses, including eco-friendly and high-value-added vessels, special-purpose ships and naval vessel maintenance, repair and overhaul (MRO).
"We were able to settle the wage agreement early because everyone at the company came together with one mind," CEO Yoo Sang-chul said. "Building on the spirit of trust and cooperation that made this agreement possible, we will do our utmost to enhance our future competitiveness and contribute to the company's sustained growth and the development of the nation's shipbuilding industry."
