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Satisfactory agreement between management and labor

Company 2004-05-18

AMOREPACIFIC agreed on the no bargaining principle for wage negotiation in 2004 with its labor union in the conference room on the 5th floor of the headquarter building on May 18. AMOREPACIFIC, which has been maintaining friendly labor-management relationships based on the promise of mutual development and cooperation, successfully concluded its discussion with the labor in an amicable atmosphere. Especially, this year marked the foundation for the advanced workplace as the management agreed to implement the forty-hour-per week working from May with the labor which in return, promised the no-bargaining for wage negotiation of 2004. In such an environment, the Company was able to build a stable and reliable relationship with the labor. The Company’s case is rare in the Korean industry, so such mutually beneficial relationship is expected to lead to the strengthened corporate competitiveness. Representatives of both management and labor exchanged the agreement and promised to spearhead the efforts of improving employee welfare systems and making the Company a joyful, worthwhile workplace. In addition, they decided to cooperate for the achievement of management goals.