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Union to Resume Hyundai Labor Talks
The union representing about 50,000 Hyundai Motor Co. hourly workers in South Korea says it will return to the bargaining table on Wednesday in hopes of reaching an immediate tentative agreement on a one-year labor contract, Reuters reports.
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The union representing about 50,000 Hyundai Motor Co. hourly workers in South Korea says it will return to the bargaining table on Wednesday in hopes of reaching an immediate tentative agreement on a one-year labor contract, Reuters reports.
The union has staged two dozen partial walkouts, along with its first nationwide strike in 12 years, against Hyundai since mid-July. The actions have prevented the production of nearly 132,000 vehicles worth 2.9 trillion won ($2.6 billion), according to the Korean government.
In August workers overwhelmingly rejected a proposed settlement that was smaller than last year’s package of wage and bonus payment. Hyundai has posted 12 consecutive quarters of declining profits.
Reuters describes this year’s talks as the worst in Hyundai’s history. The carmaker has endured at least partial strikes in all but four of its 29 years in existence.
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