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Hyundai Workers Authorize Strike
Hourly workers at Hyundai Motor Co. in South Korea have voted for the fifth consecutive year to strike after annual contract talks stalled.
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Hourly workers at Hyundai Motor Co. in South Korea have voted for the fifth consecutive year to strike after annual contract talks stalled. The union plans to stage a partial strike for four days net week.
Workers are demanding a 7.2% hike in base pay and a shared performance bonus equal to 30% of the company’s net profit in 2015, Reuters reports. The news service says workers also want the right to refuse a promotion so they can maintain their union membership.
Hyundai wants to freeze wages and restructure its pay structure. Last year the company’s sales were flat at nearly 5 million units, and net profit shrank 15% to a five-year low of 6.4 trillion won ($5.3 billion). Sales volume for the company and its Kia Motors affiliate slipped 1 through the first half of 2016.
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