April 27, 2024
Automobiles
Hyundai workers approve tentative wage deal
[THE INVESTOR] Unionized workers at Hyundai Motor have approved the second tentative wage deal for 2017, concluding the long-drawn-out negotiations, the union said on Jan. 16.
In a vote held on Jan. 15 at a Hyundai‘s main plant in Ulsan, 414 kilometers southeast of Seoul, the 49,667-member union chose to accept the revised wage package offered by the company, the union said in a statement.
In the final offerings, Hyundai workers will receive an increase of 58,000 won (US$53) and bonuses worth 300 percent of basic pay plus 3.2 million won in extra compensation, according to the company.
In 2017, industrial actions by the union cost the company a total of 1.31 trillion won, or 62,600 vehicles, in production losses.
Labor strikes have plagued the carmaker for decades. Its workers have walked out every year since 1986 except for 1994, 2009, 2010 and 2011.
By Alex Lee and newswires (alexlee@heraldcorp.com)
