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Hyundai Workers Reject Labor Pact
A one-year labor contract worked out between Hyundai Motor Co. and its South Korean union was overwhelmingly rejected earlier today, Reuters reports.
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A one-year labor contract worked out between Hyundai Motor Co. and its South Korean union was overwhelmingly rejected earlier today, Reuters reports.
Four in five workers who voted said “no” to the pact, which is significantly smaller than the package the workers received last year. Hyundai has posted 10 consecutive quarters of shrinking year-on-year profit.
The company has endured strikes during its annual labor negotiations in all but four of the company’s 29-year history. Last year Hyundai’s sales, including those by its Kia Motors unit, were virtually flat at 8 million vehicles. Volume through the first seven months of 2016 totaled 2.73 million units, down 1% from the same period last year.
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