BUSAN — HJ Shipbuilding & Construction (097230) has become the first company in South Korea's shipbuilding industry to conclude this year's wage and collective bargaining agreement, securing a stable footing for management.
The company said on the 28th that labor and management representatives attended a signing ceremony for the 2026 agreement. The two sides had negotiated since their first meeting in May and reached a tentative deal on Sept. 16. Union members approved it with 69.4% in favor in a vote held on Sept. 17.
The agreement includes a flat increase of 80,000 won in monthly base pay, a 6 million won performance incentive for 2026 and a 2 million won settlement bonus. Labor and management agreed to improve employee compensation while sharing the gains from the company's improved earnings.
The early settlement is significant in that it locks in stable labor relations at a time when shipbuilding conditions are improving. Backed by the industry's recovery and stronger earnings, HJ Shipbuilding & Construction is expanding its business competitiveness into eco-friendly, high-value-added vessels, special-purpose ships and maintenance, repair and overhaul (MRO) work for naval vessels. By clearing up uncertainty over the wage talks early, the company can now concentrate its resources on raising productivity and technological capability.
HJ Shipbuilding & Construction plans to build on trust and cooperation between labor and management to lift productivity and accelerate efforts to strengthen competitiveness in its core businesses.
"We were able to settle the wage and collective bargaining agreement early because every member of the company came together with one mind," CEO Yoo Sang-chul said. "Based on a spirit of trust and cooperation, we will contribute to the company's sustained growth and to the development of the nation's shipbuilding industry."
