SEOUL, September 16 (AJP) - Hyundai Motor's labor union has reached a new wage and collective agreement with management, averting a full-scale strike after months of tense negotiations.
The agreement was finalized after a vote by union members. According to the company, Tuesday, 52.9 percent of its union members who participated approved the deal.
The new agreement includes a 100,000 won monthly increase in the base salary, a performance bonus package of 450 percent plus 15.8 million won, 30 shares of company stock, and a 200,000 won gift certificate.
Notably, the union’s primary demand to extend the retirement age was not granted. However, both parties have agreed to continue discussions and collaborate on the issue in preparation for any future government legislation that might alter the retirement age.
The resolution comes after 21 rounds of negotiations since June. The union had staged partial, 2-to-4-hour strikes from Sept. 3 to 5 due to a breakdown in talks, and had also threatened a general strike. This ended a six-year streak of strike-free collective bargaining for Hyundai Motor.
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