Hyundai Motor, labor union tentatively reach wage deal
The management and labor union of Hyundai Motor Co. tentatively reached a wage agreement early Tuesday following a series of strikes that caused production disruptions. The two sides reached an understanding at the 17th round of talks, agreeing to raise monthly base pay by 100,000 won ($72.20), provide a performance bonus of more than 400 percent of monthly salary and pay an additional payment of…
Hyundai Motor Co. and its labor union have reached a tentative wage agreement following a series of strikes that disrupted production, according to the automaker's release. The management and union agreed to raise monthly base pay by 100,000 won ($72.20), offer a performance bonus of over 400 percent of the monthly salary, and provide an additional payment of 12.5 million won. They also agreed to extend the retirement age from 60 to 65 if relevant laws and regulations are revised.
The union, which has 400,000 members, had conducted 60 hours of strikes this year, causing approximately 120 hours of production disruptions across two shifts. A full-day strike on Friday marked the union's first walkout in 10 years. These strikes are estimated to have resulted in around 55,200 vehicles in cumulative production losses, with lost sales exceeding 2.3 trillion won.
The agreement must be approved in a union vote scheduled for August 31 for the wage negotiations at South Korea's largest automaker to be concluded.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Hyundai Motor’s union reaches tentative wage deal, averting more strikes freemalaysiatoday.com
- (LEAD) Hyundai Motor, labor union tentatively reach wage deal en.yna.co.kr
- Hyundai Motor, labor union tentatively reach wage deal koreatimes.co.kr
