2024-07-13 10:02:03
Hyundai Motors completes wage negotiations this year
Hyundai Motor Company and its labor union have concluded wage negotiations without a strike for the sixth consecutive year. This is the first time since the Hyundai Motor Company union was formed that wage negotiations have been concluded without a strike for six consecutive years.
The Hyundai Motor Company union announced on the 13th that the results of a vote on this year’s tentative wage agreement for all union members held the day before were passed with 58.93% (21,563 people) in favor. Of the 43,285 union members, 36,588 (84.53% voter turnout) participated in the vote.
With the passage of the tentative agreement, Hyundai Motor Company and its labor union have achieved a record of six consecutive years of dispute-free collective bargaining since 2019. This is the first time since the union was founded in 1987.
The Hyundai Motor Company union secured the right to strike this year and even set a strike schedule, but two days before the strike was scheduled to take place, they reached a tentative agreement with management through the 11th wage negotiation on the 8th. The agreement includes a 4.65% increase in base pay (KRW 112,000 including grade promotions), a 400% + KRW 10 million in performance-based bonuses for 2023, a separate incentive of KRW 100% + KRW 2.8 million to commemorate the achievement of the highest management performance for two consecutive years, KRW 200,000 in traditional market gift certificates, and the payment of five shares of stock in a separate agreement related to the wage negotiation settlement. Separately, the union and management agreed to a special payment of KRW 5 million in quality improvement incentives + 20 shares around September, when ‘global cumulative sales are expected to reach 100 million units’.
In addition, it was agreed to extend the period of the re-employment system for skilled workers (contract workers) from the current maximum of 1 year to a maximum of 2 years. In relation to this, it was decided to form a task force team (TFT) on retirement age extension with participation from labor and management and continue discussions on retirement age extension until the first half of next year (January to June).
Hyundai Motor Company and its labor union plan to hold a signing ceremony for this year’s wage negotiations on the 15th.
Reporter Han Jae-hee [email protected]
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2024-07-13 10:02:03