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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.
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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.
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