Unionised workers at Kumho Tire Co. accepted the company’s restructuring measures, including a reduction in wages and bonuses, in the second round of a vote held yesterday, the company said on Thursday.
Under the agreement, Kumho Tire workers will have to accept a 10 percent basic salary cut for 2010 and an additional 5 percent cut before the company’s exit from a debt-rescheduling programme, which may take two to three years. The company withdrew its original plan to cut around 1,200 workers in return for union concessions on wages.
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(Source: The Wall Street Journal Online)