Hyundai union back in wage talks after rare full-day strike

South Korean automaker Hyundai Motor's workers' union announced on Monday the resumption of wage talks with management following a rare full-day strike. The action, which took place on Friday, involved around 40,000 employees walking off the job, according to union figures. The dispute centers around demands for a US$108 increase in basic monthly pay, a 50% boost in bonuses, and a higher retirement age.

This comes amid growing concerns over job security as artificial intelligence reshapes the automotive industry, a key sector for South Korea's economy.

A union representative confirmed to AFP that negotiations with management would resume at 2pm. While a planned four-hour walkout on Friday was canceled, another one may still occur on Tuesday, pending the outcome of today's negotiations. The union stated they would decide on a potential partial strike based on the negotiations' results.

Throughout the year, the workers have participated in a total of 60 hours of strikes, resulting in estimated losses of around US$1.6 billion, as calculated by local news agency Newsis. Hyundai Motor, however, maintains that it cannot accept the union's demands without a solid legal or rational basis. The company posted record second-quarter revenue of 49.2 trillion won, though operating profit fell 20.8% year-on-year due to weaker sales.