Mexican Media Brands
Hyundai Workers Approve Labor Contract
Union workers at Hyundai Motor Co. have approved a one-year contract, calling off a series of strikes that cost an estimated 900 billion won ($846 million) in lost production.
#labor #workforcedevelopment
Share
Union workers at Hyundai Motor Co. have approved a one-year contract, calling off a series of strikes that cost an estimated 900 billion won ($846 million) in lost production.
The accord hikes monthly base pay by 98,000 won ($92), grants workers a one-time payment of 8.9 million won ($8,400) each and a separate bonus equal to 4.5 times their monthly salary, according to union figures cited by Bloomberg News. The union says the deal equates to an average annual increase of $26,300.
The agreement leaves unsettled a festering legal question about how base wages are calculated. Late last year Korea's Supreme Court ruled that companies must include periodic bonuses as part of base pay, thereby raising the amount on which other compensation is calculated.
Companies have been slow to respond to the order. A lawsuit demanding the change, which was filed by Hyundai's union earlier this year, is pending. In the meantime, the company and union agreed to pursue the question apart from the new wage agreement, Bloomberg says.
RELATED CONTENT
-
GM Unit Stresses Driver Training in Autonomous Cars
General Motors Co.’s Cruise Automation unit says it puts backup drivers and auditors through extensive training before allowing them to participate in real-world autonomous vehicle tests.
-
Skilled-Trade Workers Reject GM Contract, Ratification in Limbo
The United Auto Workers union says its production workers ratified a new four-year labor contract with General Motors Co. by a 58% margin.
-
UAW Launches Strike Against GM
As expected, some 48,000 of the United Auto Workers Union members began a strike at midnight Sunday against General Motors Co. facilities in the U.S.