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Biz News Korea(Eng)
Hyundai Motor Group to freeze wages of managerial employees
- Collected
- 2017.01.15
- Distributed
- 2017.01.16
- Source
- Go Direct
Hyundai Motor group said on Friday that it recently sent out emails to its employees notifying the company will apply a pay freeze of its senior office workers. “The company is taking emergency management measures like voluntary 10 percent wage cut of the senior executives to fight off challenges from the economic slowdown and slowing sales,” said the group in the e-mail. But additional measures are needed to overcome the crisis, said the company, adding that it has no choice but freezing the wage.
About 35,000 officials in managerial posts at 51 affiliates of the conglomerate will be affected by the pay freeze starting this month and it is expected to run until the end of this year.
Previously in 2009, the automaker implemented a wage freeze through management and labor union agreement in the wake of the 2007-2008 financial crisis. The senior office workers in 2006 also voluntarily froze their salaries when the company confronted a challenge.
Hyundai Group earlier set its combined sales target for its car making units Hyundai Motor and Kia Motors at largest-ever 8.25 million vehicles for this year that it appears to use the challenging global economic condition as an opportunity to make a rebound, said industry watchers.
By Woo Je-yoon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]