[By NBC-1TV H. J Yook]GM Korea Company and its employees’ labor union formalized their 2013 wage agreement today at the company’s Bupyeong headquarters in Incheon.

The agreement was signed by GM Korea President and CEO Sergio Rocha, Korea Metal Workers’ Union Vice-Chairman Dongkyu Yang, and GM Korea Labor Union Chairman Ki Min.

The two sides held 27 rounds of wage negotiations starting on April 23. They reached a tentative agreement on July 23.

The agreement includes a KRW 92,000 basic monthly wage increase, a lump-sum payment of KRW 4 million, a KRW 6 million performance bonus, and implementation of the back-to-back two-shift work system starting in 2014.

On July 25 and 26, 13,250 of 14,350 union members voted on the agreement, with 54.3 percent supporting it.