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The Korea Herald
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THE INVESTOR
March 29, 2024

Automobiles

Hyundai Motor, union agree on 2018 wage deal

  • PUBLISHED :July 27, 2018 - 09:42
  • UPDATED :July 27, 2018 - 09:42
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[THE INVESTOR] Hyundai Motor and its 51,000-member union have agreed on a wage deal for this year without staging a strike that is expected to give the carmaker more breathing room in the face of unfavorable business conditions, the company said on July 27.

In a vote held the previous day, 63 percent of 42,046 workers who cast a ballot agreed to accept this year’s wage offers by Korea’s biggest carmaker by sales, Hyundai said in a statement.

The company offered an increase of 45,000 won (US$40) in basic monthly pay, a performance-based bonus equivalent to 2 1/2 months of salary and cash payments worth 3 million won, the statement said.

In addition, they have also agreed on a two-shift working system in which day-duty and night-duty workers each work eight hours a day without overtime work, it said.

The shortened work system is scheduled to go into effect Jan. 7, 2019.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)

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