Hyundai Motor Labor and Management Finalize Wage Deal... 400% Performance Bonus Plus 12.7 Million Won

Hyundai Motor Company's labor and management have concluded this year's wage negotiations.

The Hyundai Motor labor union announced on the 1st that a membership vote on whether to accept the tentative wage agreement, held on August 31, was approved with 61.55% in favor.

Hyundai Motor Company's labor and management held their first meeting for this year's wage negotiations on May 6 in the Donghaeng Room of the main building at the Ulsan Plant. Hyundai Motor Company

This comes 118 days after the first wage negotiation meeting, which took place on May 6.

Of the 39,638 total union members, 31,166 participated in the vote held the previous day, resulting in a turnout rate of 78.63%.

The tally conducted early in the morning showed 19,183 votes in favor (61.55%), 11,914 against (38.23%), and 69 invalid votes (0.22%).

Previously, during the 17th round of negotiations on August 25, labor and management reached a tentative agreement that included an increase of 100,000 won to the base salary (including annual step increases), a performance bonus of 400% plus 12.7 million won, the granting of 15 shares of company stock, a welfare point payment of 500,000 won, and a 200,000 won increase in summer vacation allowances.

Additionally, the two sides agreed to hire 500 new employees each year from the second half of next year to 2028, implement the extension of the retirement age without expanding the wage peak system immediately after legalization, and withdraw all 10 provisional seizure claims for damages filed by the company.

Labor and management at Hyundai Motor Company experienced severe disputes over this year's wage negotiations. The process was prolonged due to disagreements over a 50% increase in bonuses, the reinstatement of dismissed workers, and extension of the retirement age.

Amid these disputes, the union went on strike for the second consecutive year, following last year. This year's strike began on July 13 and spanned a total of 60 hours.

The automotive industry estimates total production losses at 55,200 vehicles, with revenue losses amounting to at least 2.3 trillion won.

Hyundai Motor Company stated, "Labor and management will make every effort to maximize second-half production and deliver the world's best quality products to reward our customers' support."

This content was produced with the assistance of AI translation services.