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NINETY EIGHT REGENCY

South Korea's GM Daewoo workers vote to strike for wage increase

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South Korea's GM Daewoo workers vote to strike for wage increase

By Kyong-Ae Choi

Last Update: 6:42 AM ET Jul 11, 2007

SEOUL (MarketWatch) -- Unionized workers of South Korea's GM Daewoo Auto & Technology Co. announced Wednesday they would stage a strike unless the company agrees to their wage demands.

In a ballot held Tuesday, about 66% of the 8,182 union workers who voted agreed to down tools if wage negotiations do not reach a resolution, union spokesman Kim Yun-Bog said.

GM Daewoo workers also called on the company to pay a special bonus equivalent to four months' salary to recognize their contribution to the automaker's strong performance last year, said Kim.

GM Daewoo posted a net profit of KRW592.7 billion ($644 million) in 2006, up from KRW65.4 billion a year earlier.

The company's unionized workers will decide late Wednesday when to begin the strikes, Kim said.

"We are adopting a wait-and-see attitude whether or not actual industrial action will take place," said Kim Sung-Soo, a company spokesman.

-Edited by Matthew Oakley

source:

http://www.marketwatch.com/news/story/sout...GM&sid=2160

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South Korea's GM Daewoo workers vote to strike for wage increase

SEOUL (MarketWatch) -- Unionized workers of South Korea's GM Daewoo Auto & Technology Co. announced Wednesday they would stage a strike unless the company agrees to their wage demands.

As the Aveo MSRP goes up 1000$ :P.

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