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Hyundai, Union Reach Tentative Agreement on Labor Contract
Hyundai Motor Co. and the union that represents about 50,000 of its workers in South Korea have reached tentative agreement on a one-year labor contract to end the worst series of strikes in the company’s history.
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Hyundai Motor Co. and the union that represents about 50,000 of its workers in South Korea have reached tentative agreement on a one-year labor contract to end the worst series of strikes in the company’s history.
Workers, who overwhelmingly rejected an earlier proposal in August, will vote on the deal tomorrow. The Korean government had threatened to intervene in the negotiations after estimating that the union’s strikes have cost 131,900 units of lost production worth at least 2.9 trillion won ($2.6 billion).
Reports say the new proposal would raise base pay by 72,000 won ($64) per month and give each worker 10 shares of Hyundai stock, a one-time bonus of 3.3 million won ($2,900) and incentives worth 3.5 times base pay.
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