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Biz News Korea(Eng)
Hyundai Motor labor union decides to go on strike from next week
- Collected
- 2016.07.14
- Distributed
- 2016.07.15
- Source
- Go Direct
The labor union of South Korea’s largest automaker Hyundai Motor Co. will go ahead with a strike jointly with another Ulsan-based Hyundai Heavy Industries next week after voting in favor to strike against the breakdown in collective bargaining. The country’s largest automaker would be striking fifth year in a row.
A total of 76.54 percent, or 37,358, of 48,806 unionized workers of the automaker approved a strike action. The figure is higher than usual approval rate of 65 to 75 percent.
The union of the country’s largest shipyard Hyundai Heavy Industries Co. will vote until Friday. It is expected to vote in favor to strike against restructuring plans, making the two largest industrial sites in Ulsan, South Gyeongsang Province, to go on a joint strike for the first time in 23 years.
Hyundai Motor’s strike stems from the collapse in wage negotiations that were held in 13 occasions from May. The union demands increase of 152,050 won ($132) or 7.2 percent in the base pay as well as 30 percent of net earnings from last year as bonus.
A strike in the factories would disturb production by at least 1 trillion won this year for Hyundai Motor and cost its credibility as well as translating into major losses for subcontractors.
The automaker has suffered losses of 976.5 billion won annually from 2012 to 2015. The strikes cost 1.7 trillion won in 2012, 1.02 trillion won in 2013 and 910 billion won in 2014. Last year, the company was hurt less at 268.7 billion won because of partial walkout.
A total of 76.54 percent, or 37,358, of 48,806 unionized workers of the automaker approved a strike action. The figure is higher than usual approval rate of 65 to 75 percent.
The union of the country’s largest shipyard Hyundai Heavy Industries Co. will vote until Friday. It is expected to vote in favor to strike against restructuring plans, making the two largest industrial sites in Ulsan, South Gyeongsang Province, to go on a joint strike for the first time in 23 years.
Hyundai Motor’s strike stems from the collapse in wage negotiations that were held in 13 occasions from May. The union demands increase of 152,050 won ($132) or 7.2 percent in the base pay as well as 30 percent of net earnings from last year as bonus.
A strike in the factories would disturb production by at least 1 trillion won this year for Hyundai Motor and cost its credibility as well as translating into major losses for subcontractors.
The automaker has suffered losses of 976.5 billion won annually from 2012 to 2015. The strikes cost 1.7 trillion won in 2012, 1.02 trillion won in 2013 and 910 billion won in 2014. Last year, the company was hurt less at 268.7 billion won because of partial walkout.
By Park Yong-beom and Chun Beom-joo
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