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South Korea: Hyundai reaches agreement with union and avoids strike

"No strike this year at Hyundai Motor", 28 August 2019 

Hyundai Motor avoided an annual strike for the first time in eight years when it reached a tentative wage deal with unionized workers.

Hyundai’s labor union in South Korea has gone on strike in all but four years since it was organized in 1987, despite criticism of its repeated industrial action.

“This year’s agreement is meaningful as the management and union has drawn a tentative agreement without a nearly conventionalized strike, considering the national crisis caused by Japan’s tightened export regulation,” Hyundai Motor said on Wednesday...

Under the tentative agreement, Workers will receive a performance-based one-off salary of 3 million won and 150% of the monthly wage, another seniority-based one-time payment of 2 to 6 million won with a basic salary increase of 1.74%.

Through this agreement on millions of one-off payments, Labor and management resolved a legal dispute related to regular payment and simplified wage schemes putting various bonus payments into a regular one...

Read the full post here

Related companies: Hyundai Group