Hyundai Motor's labor and management have finalized this year's wage negotiations.
On September 1, the Hyundai Motor Union (Metal Workers' Union Hyundai Branch) announced that a vote on the tentative agreement for this year's wage negotiations was held among its 39,638 members, with 31,166 participating (a turnout of 78.63%). Of those, 19,183 members (61.55%) voted in favor, thus approving the agreement.
The tentative agreement includes a monthly base salary increase of 100,000 won (including seniority increments), a bonus of 400% plus 12.7 million won, 15 shares of stock, a welfare point increase of 500,000 won, and a summer vacation allowance increase of 200,000 won.
Additionally, the labor and management agreed to hire 500 new technical workers (production staff) starting in the second half of next year, implement a retirement age extension without expanding the wage peak system upon legal amendments, and withdraw all damage compensation claims the company had filed against the union.
The negotiations began on May 6, and after 111 days, a tentative agreement was reached on August 25. The agreement was approved by union members in a vote held on August 31, thus concluding this year's wage negotiations.
This year's talks were marked by significant conflict over issues such as bonus increases, the reinstatement of union members who were dismissed during past union activities, and retirement age extensions, leading to prolonged negotiations. The union initiated strikes for the second consecutive year, including a full strike for the first time in a decade.
The total strike hours accumulated this year per member reached 60 hours, but with both morning and afternoon shifts participating in the strike, actual production lines were halted for approximately 120 hours. This resulted in a production shortfall of 55,200 vehicles, with estimated revenue losses of at least 2.3 trillion won.
Hyundai stated, "Labor and management will focus all efforts on production in the second half and will deliver products of the highest global quality to repay customer support."
* This article has been translated by AI.
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