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Hyundai Motor, union reach tentative agreement in wages talks

[THE INVESTOR] Hyundai Motor and its union reached a tentative agreement in this year’s wages negotiations on Aug. 24. The union will vote on the agreed terms on Aug. 26.

The terms include raising the basic monthly wages by 58,000 won (US$ 51.74), a 350 percent bonus and 3.3 million won incentive, 200,000 won voucher for traditional markets, and 10 Hyundai Motor shares. Hyundai Motor closed at 135,500 won on Aug. 24, up 3,000 won from the previous day. 

Hyundai Motor headquaters in Seoul
Hyundai Motor headquaters in Seoul


The union’s demands regarding reinstatement of dismissed workers, giving workers the right to refuse promotions and others concerning human resource policies.

The company and the union agreed to discuss the issue of peak wage system at a later date.

By Choi He-suk (cheesuk@heraldcorp.com)
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