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Hyundai Workers to Vote on Tentative Wage Pact
The 48,000 members of Hyundai Motor Co.’s union in South Korea will vote on Friday whether to accept a tentative one-year wage agreement that would increase their monthly pay by 58,000 won ($52), according to media reports.
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The 48,000 members of Hyundai Motor Co.’s union in South Korea will vote on Friday whether to accept a tentative one-year wage agreement that would increase their monthly pay by 58,000 won ($52), according to media reports.
Workers also would receive a one-time payment of 3.3 million won ($3,000), 10 shares of Hyundai stock and additional incentives worth 3.5 times their base monthly pay.
Reuters notes that this year’s deal is far less generous than the one worked out in 2015. That contract hiked monthly pay by 85,000 won and gave each worker 20 Hyundai shares, a one-time payment of 4 million won and other benefits equal to four times base wages.
Profits for Hyundai and its Kia Motors affiliate have declined for 10 consecutive quarters. Results have been strained by a product lineup struggling to realign with a global shift in consumer demand from cars to SUV/crossovers.
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