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Hyundai Reaches Tentative Wage Deal in Korea
Union workers at Hyundai Motor Co. in South Korea will vote on Wednesday whether to accept a new one-year wage agreement.
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Union workers at Hyundai Motor Co. in South Korea will vote on Wednesday whether to accept a new one-year wage agreement.
Reuters says the pact would provide bonuses and incentives worth 8.9 million won ($8,400), an increase of 98,000 won ($93) in basic wages and additional payments equal to 4.5 months of wages.
Approval would end strikes by Hyundai's 47,000 workers that have reduced vehicle output by some 16,500 units, according to the company. Reuters notes that workers have struck the company in 23 years of its 27-year history.
This year's strikes centered on how the company calculates base wages upon which other benefits are based. Hyundai's unions also have protested a decision by the company and its Kia Motors and Hyundai Mobis affiliates to spend 10.6 trillion won ($10 billion) to buy 20 acres of land in Seoul for a new headquarters complex.
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