Management and unions at Hyundai Motor in South Korea have agreed on a new wage deal without a strike for the second year running.
Under the agreement, monthly base salary will be increased by KRW79,000 (US$65) or 4.87% and they will also receive KRW5m and 300% of their monthly salary as bonus payments. The company is also offering 30 shares per employee.
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The company’s 45,000 employees began voting on the agreement on Friday morning with the outcome due bt the early hours of Saturday, a Hyundai official told the Korea Herald.
Last year, the base salary was frozen but the company made one-time payments of 300% of employees’ monthly salaries, a KRW5m bonus and 40 shares per employee.
In its 23-year history, the union has never before refrained from striking two years running.
Although Hyundai’s unionists staged partial strikes last year on four occasions, the walkouts were not conducted as part of the wages negotiations.
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By GlobalDataSince 1987, Hyundai’s union has resorted to strikes during the annual negotiations every year with the exception of 2010, 2009 and 1994, costing 11.67 trillion won in lost sales and 1.12m units in lost production, the company said.
