Hyundai Motor and its labour union have struck a deal to avert a strike that would have dashed hopes of a strike-free World Cup football tournament.
Hyundai Motor, a top sponsor of the World Cup in co-host South Korea, said its union cancelled the strike due to start on Tuesday after the company promised a hefty increase in allowances.
Go deeper with GlobalData
However, the agreement still needs to be put to a vote and is therefore being described as ‘tentative’.
Hyundai Motor has said that it has agreed to increase salaries by 95,000 won ($77) a month along with annual performance bonuses on top. It falls short of union demands. The union had demanded a monthly pay hike of 128,880 won and 30 percent of net profit as bonuses.
On June 10, about 38,000 of the company’s 50,000 unionised employees started a ‘partial strike’ involving a walk out of work for four hours daily.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
