Hyundai faces renewed wage talks after 40,000 workers staged full‑day walkout

SEOUL, Aug 24 — The union representing Hyundai Motor's workforce announced today the resumption of wage negotiations with management, following the company's first full-day strike in a decade. Around 40,000 employees walked off the job on Friday, protesting over pay and retirement policies, according to union statistics. The impasse over these issues has been exacerbated by fears of job insecurity as artificial intelligence reshapes South Korea's automotive sector, a vital engine of the country's economy.

The union representative informed AFP that talks with Hyundai management would recommence at 2pm, though a previously planned four-hour walkout remains uncertain. Another potential strike could occur tomorrow, contingent upon the result of today's negotiations. The union is seeking a 149,000-won (RM436) raise in the basic monthly wage, a 50 percent increase in bonuses, and a rise in the retirement age.

This year, the workers have engaged in a total of 60 hours of strikes, resulting in losses estimated at US$1.6 billion (RM6.4 billion), as per Newsis calculations. Hyundai Motor dismissed the union's demands, stating that they could not be "accepted without a solid legal or rational basis." Despite posting a record second-quarter revenue of 49.2 trillion won, Hyundai's operating profit declined by 20.8 percent year-on-year due to reduced sales.