Unionized workers at Hyundai Motor accept wage deal
ULSAN — Unionized workers of Hyundai Motor Co., South Korea's largest automaker, have voted to accept a wage deal for this year, including a 100,000 won ($73) increase in monthly base pay, the union said Tuesday. In a vote held Monday, 61.55 percent of 31,166 union members who cast a ballot approved this year's wage agreement between the labor union and the company, the union said. Under the…
ULSAN — Unionized employees of Hyundai Motor Co., the largest automaker in South Korea, have voted to accept a wage agreement for the year, according to the union. The deal, reached on Monday, includes a 100,000 won ($73) raise in monthly base pay, with 61.55 percent of 31,166 union members endorsing the agreement, the union reported.
Alongside the wage increase, workers will receive performance bonuses equal to 400% of their monthly wages, along with an extra 12.7 million won in cash. The agreement also entails a plan to raise the retirement age from 60 to 65, pending revisions to relevant laws and regulations. This particular wage deal arrived after the union organized several strikes, leading to approximately 120 hours of production disruptions.
The labor actions, including a full-day strike on August 21, the union's first in ten years, are believed to have resulted in a loss of around 55,200 vehicles and sales dip of 2.3 trillion won, as per industry estimates.
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- Hyundai Motor Union Votes on Wage Deal businesskorea.co.kr
- Unionized workers at Hyundai Motor accept wage deal en.yna.co.kr
- Unionized workers at Hyundai Motor accept wage deal koreatimes.co.kr
- Hyundai Motor's South Korean union approves wage deal, Yonhap says channelnewsasia.com
