Hyundai Motor's unionised workers in South Korea have voted to strike over stalled annual wage talks. The news comes as the company's share price slides amid worsening prospects in the US and China markets.
A vote to strike is not unusual for Hyundai's workers and has become an annual event in recent years. Reports say that almost three quarters of union membership (44,800 strong) voted in favour of strike action.
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"We have not been able to narrow differences in key issues, making it difficult to reach a preliminary deal [on wages] easily," the union said in a statement.
Reuters reported that union negotiators have decided to hold off strike action until July 10, when they will discuss a strike plan again.
The report added that the union walked out of the wage negotiations in late June, after Hyundai Motor proposed wage increases and bonuses which the union said fell short of expectations. The union is demanding a 5.3% increase in the basic monthly wage as well as performance pay amounting to 30% of the Hyundai Motor's 2017 net profit.
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By GlobalData
