HD Hyundai Heavy Industries Reaches Wage Deal, Raises Base Pay by KRW 120,000
HD Hyundai Heavy Industries and its labor union have reached a settlement in this year's wage and collective bargaining negotiations.
According to the HD Hyundai Heavy Industries labor union (the Hyundai Heavy Industries branch of the Korean Metal Workers' Union) on October 27, the second provisional agreement was approved in a vote by all 8,193 union members. Of the 7,724 members who voted (a turnout of 94.28%), 4,253 (55.06%) voted in favor.
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The provisional agreement includes a KRW 120,000 increase in monthly base pay (including KRW 55,000 in annual seniority-based increases), a one-time payment of KRW 11.5 million plus 200%, including an incentive payment, KRW 300,000 in welfare points, and performance bonuses. Labor and management estimated that the agreement would provide members with an average of approximately KRW 41.36 million.
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