Labor dispute at South Korea’s top automaker Hyundai Motor Co. stretched out to next year as the management and union failed to settle this year’s wage negotiations despite year-long periodic strike and negotiations.

It would be the first time since the union’s inception in 1987 for the annual collective bargaining to be carried over into the following year.

The automaker’s labor union and management held the 39th wage negotiations on Wednesday but failed to reach an agreement, the company said Thursday. They have not set the next negotiation date. Considering that the company’s year-end holiday begins on Friday, there is no chance for the two parties would meet again to discuss the matter before the year closes.

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. 22. The provisional collective wage contract was below previous year’s wage level, said the union. To revise the deal, they met on Wednesday but failed to come out with another agreement.

In protest to a delayed agreement on its demands on wage hike and a full-time position for irregular workers, the unionized workers have decided to go on full strike from Jan. 3 and make their next move.

Meanwhile, the company announced on Thursday that total 310 senior officers have been promoted during this year’s management reshuffle. Last year the company promoted total 348. The company has decided to promote fewer executives this year than last year due to lingering uncertainties over business conditions, said an unnamed company official.

Hyundai Motor has seen a sharp fall in its global sales this year, mainly driven by the sluggish sales in China due to the diplomatic spat over installment of a U.S. antimissile system and fast rise of Chinese automakers.

As of 3:09 p.m. Thursday, shares of Hyundai Motor are down 0.64 percent at 155,500 won (144.79 won).

By Lee Seung-hoon and Cho Jeehyun

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]