Hyundai Motor Company, How Much More Expensive Will It Get? Strike Cancelled through Labor-Management Agreement.

Hyundai Motor Company's labor and management reached a tentative agreement on a historic wage increase proposal, including a base salary increase of KRW 111,000, on the 12th of this month. As a result, the planned partial strike has been canceled. The union plans to proceed with a member vote on this tentative agreement on the 18th to finalize the process. If the vote is confirmed as is, it will mark the fifth consecutive year of a non-disruptive wage agreement.

 

The attention is now on how much more expensive Hyundai, which dominates the domestic market with the highest-ever wage increase agreement, will become, as it caters to the needs of ordinary citizens.

 

On this day, Hyundai Motor Company's labor and management held main negotiations for the wage agreement at the Ulsan plant and signed the tentative agreement. The final agreement includes a base salary increase of KRW 111,000, a 400% increase in performance bonuses with an additional payment of KRW 10.5 million, the issuance of 15 shares of stock, and a KRW 250,000 gift certificate.

 

The base salary and performance bonus increases are both at historic highs. There were differences of opinion regarding the discussion of extending the retirement age, but it was decided to wait and reconsider next year's first half after monitoring government policies and legal revisions.

 

Moreover, new hirings for production workers were agreed upon during the negotiations. Over the next two years, a total of 1,100 new production workers will be hired. In the next year, 800 people will be hired, and the remaining 300 will be recruited by 2025.

 

Through this negotiation result, Hyundai Motor Company has demonstrated its recognition of the value of its workers even in the current business environment and has taken steps to reciprocate. If the agreement is confirmed with a clear majority of votes from union members in the future, it is expected to provide significant momentum for building a positive relationship between the company and its employees, a relationship that was in crisis due to the strike threat.

 

The attention is now on how much more expensive Hyundai, which dominates the domestic market with the highest-ever wage increase agreement, will become, as it caters to the needs of ordinary citizens.