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Hyundai Motor settles last year’s wage bargaining

Collected: 2018.01.16

Distributed: 2018.01.16

Source: Go Direct

[Photo provided by Hyundai Motor`s union]

The union of South Korea’s largest automaker Hyundai Motor Co. finally accepted wage terms for this year, settling year-long dispute that disturbed production throughout 2017 on top of slumping sales.

The automaker’s labor union said Tuesday that 28,138 workers or 61.06 percent of 46,082 members who took part in the vote agreed to the new terms laid out by the management last week. The two parties plan to sign the agreement by the end of this week.

At 1:00 p.m. Tuesday, shares of Hyundai Motor were up 1.6 percent at 157,500 won.

Under the agreement, the base salary will be raised by 58,000 won ($54.49) with separate 300 percent-incentives and 2.8 million won in bonus compensation. The company offered to hire 3,500 in-house subcontract workers on permanent basis by 2021 and create a 3 billion won in social contribution fund over the next three years. It also threw in gift tokens that allow purchase of commodities of up to 200,000 won in marketplaces.

The labor union and management initially reached a tentative agreement on Dec. 19, but the deal was voted down in a ratio of 50.24 percent on Dec. 23, stretching the wage negotiations onto the following year for the first time.

The union held 24 strikes last year, causing output losses in 76,900 vehicles worth 1.6 trillion won.

By Kim Jung-hwan and Cho Jeehyun

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