On March 16, LG Innotek agreed on the wage increase and collective bargaining revision plan for 2004 with participation of all members of labor-management consultation committee including President & CEO Young-Ho Hur, President Jong-do Won and Chapter head Kie-dong Lee of LG Innotek labor union.

In this year's consultation, participants reviewed wider range of items compared to previous years. They included, among others, introduction of shorter working hours and improvement in wage and working conditions. 2004 consultation committee held two labor-management working-level workshops to discuss in-depth on the revisions for wage hike, collective bargaining and introduction of shorter working hours before coming to final agreement on March 16.

In this year's labor-management consultation, both parties put emphasis on approaching the negotiations with open mind and with the intent of realizing the common goal of increasing company's competitive strength and quality of life for employees.

The negotiations also served to again reconfirm the continuing trust and spirit of cooperation between both parties.

Labor and management representatives also adopted Labor-Management Joint Declaration for Achieving Vision 2010 and agreed to excercise joint efforts to increase company's competitive strength with adoption of shorter working hours.