Hyundai Motor, Union Reach Tentative Deal After 111 Days of Wage Talks
Hyundai Motor and its labor union reached a tentative agreement on this year's wage negotiations after 111 days of talks, laying the groundwork for an end to the strike action. The agreement goes beyond wage increases, reflecting a joint commitment by labor and management to respond to changes in th
Hyundai Motor and its labor union have reached a tentative agreement after 111 days of wage negotiations, marking the end of a strike action. The deal, reached at the 16th round of talks held on August 25 at the company's main plant in Ulsan, includes a monthly base-pay increase of 100,000 won, a management performance bonus, and additional benefits such as stock, welfare points, and vacation allowance.
The agreement also outlines a roadmap for job creation and employment stability, with Hyundai committing to hiring 500 new technical workers over the next several years. The two sides have also agreed to extend the retirement age in principle, with specific wage structures in place, and have withdrawn all claims for damages and seizure measures filed during the strikes.
The tentative agreement comes as both sides recognize the economic damage caused by the strikes, which is estimated to have disrupted production and resulted in significant lost sales. The sides have also pledged to focus on new vehicle launches and adopt new technologies to strengthen manufacturing competitiveness.
Brief written by urgent.news from BusinessKorea's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
