Naver (035420.KS) has reached a tentative agreement with its labor union on a wage deal.
According to the information technology (IT) industry on Tuesday, Naver and the Naver branch of the Federation of Korean Chemical Textile and Food Workers' Unions (Naver union) tentatively agreed to raise this year's wages by 5.3%. The agreement came about three weeks after labor and management began intensive negotiations.
By wrapping up wage negotiations early, Naver can now focus on its artificial intelligence (AI) business. Earlier, during its first-quarter earnings announcement this year, Naver said it plans to begin generating AI revenue in earnest starting in the third quarter.
The Naver union plans to hold a membership vote on the tentative agreement in the near future.
