BUSINESS

Hyundai union says wage talks will resume in Nov. under new leadership

By Yonhap
  • Published : Aug 29, 2017 - 18:18
  • Updated : Aug 29, 2017 - 18:18
Hyundai Motor Co.'s union said Tuesday its new leadership will resume wage talks with the company in November, as no headway has been made after 28 rounds of "fruitless" negotiations.

"We have decided to suspend wage talks with the company as its revised offerings were not satisfactory at all. Once a new union leader is elected next month a leadership structure should be in place by October, and these people can then handle the wage deal in November," a union spokesman said over the phone.

The company confirmed this year's talks are now suspended and should resume later. 


(Yonhap)

The union demands the company raise workers' basic monthly wages by 154,883 won (about $140) and offer a bonus of 30 percent of the company's full-year net profit earned in 2016.

Citing an unfriendly business environment, however, the company had offered to raise basic salaries by 42,879 won per month and offer 200 percent of basic pay plus 1 million won as a bonus.

As the offer was rejected by the union, the company suggested 250 percent of basic pay plus 1.5 million won in a revised offer.

This year, eight rounds of partial strikes have already cost the company more than 620 billion won in production losses.

The maker of the Sonata sedan and the Santa Fe SUV has suffered production losses resulting from strikes during wage negotiations every year since 2000, except in 2009, 2010 and 2011. (Yonhap)