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 vote held among union members on August 31st to decide whether to accept the tentative wage agreement was approved, with 61.55% voting 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 introductory meeting for wage negotiations was held on May 6th.

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

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

Previously, in the 17th round of negotiations held on August 25th, labor and management reached a tentative agreement including a 100,000 won increase in base pay (including step increases), a performance bonus of 400% plus 12.7 million won, 15 Hyundai Motor Company shares, 500,000 won in welfare points, and a 200,000 won increase in summer vacation pay.

In addition, the parties agreed to hire 500 new employees each year from the second half of 2025 through 2028, to implement an extension of the retirement age without expanding the wage peak system immediately upon legal enactment, and for the company to withdraw all 10 provisional seizure claims for damages it had filed.

This year's wage negotiations were marked by severe conflict between Hyundai Motor Company's labor and management. The protracted talks were caused by disputes over a 50% increase in bonuses, reinstatement of dismissed workers, and the extension of the retirement age.

During the negotiations, the union went on strike for the second consecutive year, starting with the first strike on July 13th and holding strikes for a cumulative total of 60 hours.

The automobile industry estimates that total production disruptions amounted to 55,200 units, with revenue losses of at least 2.3 trillion won.

Hyundai Motor Company stated, "Labor and management will do their utmost to maximize production in the second half of the year and deliver world-class quality products in return for our customers' support."

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