Hyundai Motor’s union reaches tentative wage deal with management, Yonhap reports
The agreement follows Hyundai’s first full strike in a decade and includes performance bonuses, welfare points and 500 new technical hires through 2028.
- On Tuesday, Hyundai Motor's South Korean union reached a tentative agreement with management, including a 100,000 won monthly base salary increase and averting further production losses after a series of strikes.
- The agreement follows the union's first full strike in 10 years on Friday, after workers sought job protections against artificial intelligence and automation while demanding a higher retirement age.
- Strikes caused cumulative production losses of around 55,200 vehicles, with lost sales exceeding 2.3 trillion won, according to industry sources. The tentative agreement provides a 400 per cent performance bonus and 12.5 million won in additional payments.
- Both sides agreed to extend the retirement age to 65 if laws are revised, with management and the union to jointly share information on new projects ahead of an Aug 31 union vote.
- From next year until 2028, Hyundai will hire 500 new technical workers while planning to deploy Boston Dynamics robots at its Georgia plant starting in 2028, expanding production capacity.
12 Articles
12 Articles
A 100,000 won increase in base salary, provision of 15 shares of stock, and the hiring of 500 new technical staff have been agreed upon... An extension of the retirement age will also be agreed upon. The final decision on the settlement will be made at a union member vote on the 31st. Hyundai Motor Company and its labor union have reached a tentative agreement 111 days after the start of this year's wage negotiations. Base salary 1
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Hyundai Motor, labor union tentatively reach wage deal
The management and labor union of Hyundai Motor Co. tentatively reached a wage agreement early Tuesday following a series of strikes that caused production disruptions. The two sides reached an understanding at the 17th round of talks, agreeing to raise monthly base pay by 100,000 won ($72.20), provide a performance bonus of more than 400 percent of monthly salary and pay an additional payment of 12.5 million won, the automaker said in a release…
Hyundai Motor's union reaches tentative wage deal, averting more strikes
Hyundai Motor Company is projected to hire 500 new technical (production) employees from the second half of next year through 2028. On the 24th, Hyundai Motor management and labor announced that they had narrowed their differences regarding the number of new technical hires during the 17th round of wage negotiations. This comes just three days after the start of an all-out strike for the first time in 10 years. The hiring schedule and number are…
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