Homeplus Labor and Management Agree to Delay Wages and Bonuses for Normalization

Homeplus announced that the company, its two major labor unions (the Mart Workers' Union and the General Workers' Union), and the employee consultative body, Hanmaeum Council, have agreed to cooperate on temporarily adjusting the timing and method of certain employee compensation programs to normalize operations and facilitate corporate turnaround.

The agreement between labor and management on compensation adjustments and deferred wage payments comes as debtor-in-possession (DIP) financing is expected to be injected soon.

Specifically, regular bonuses scheduled for September will be paid in equal installments over six months, while the employment stabilization support fund (up to 12 months of base salary), which is provided when employees from closing stores leave the company, will not be paid.

In addition, consolation grants for asset-securing stores, previously paid when employees from closing stores transferred to other locations, will also be paid in equal installments over six months.

Wages will be deferred by two months until March of next year.

As a result, July salaries will be paid in September.

Homeplus stated that this lays the groundwork for more smoothly executing operational adjustments and closure procedures at certain stores.

Once the 200 billion won in DIP financing is secured, the company plans to prioritize using the funds to stabilize product supply, normalize operations, pay employee salaries, and cover essential operating expenses.

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.