Hyundai Motor, labor union Reach Wage Deal for This Year; 61.55% Back Tentative Agreement
TECHWORLD ·
✦ AI Summary
Hyundai Motor's labor and management finalized this year's wage negotiations through a union member vote, in line with the tentative agreement.
The agreement was approved with 61.55% in favor in the yes-or-no vote on the 31st of last month, and turnout was 78.63%.
The tentative deal includes a monthly base-pay increase of KRW 100,000, a performance bonus of 400% + KRW 12.7 million, 15 shares of stock, welfare points worth KRW 500,000, a KRW 200,000 increase in summer vacation pay, the hiring of 500 new technical workers, or production workers, and an agreement related to extending the retirement age.
Hyundai Motor's labor and management reached a final agreement on this year's wage negotiations after a union member vote on the tentative deal. The Hyundai Motor branch of the Korean Metal Workers' Union announced the news on the 1st.
The Hyundai Motor branch said it held a yes-or-no vote on the tentative wage agreement on the 31st of last month, and the agreement was approved with 61.55% of votes cast in favor.
The total number of union members was 39,638, and 31,166 of them took part in the vote, for a turnout of 78.63%. A total of 19,183 members voted in favor.
The tentative agreement includes a monthly base-pay increase of KRW 100,000, a performance bonus of 400% + KRW 12.7 million, 15 shares of stock, welfare points worth KRW 500,000, and a KRW 200,000 increase in summer vacation pay.
It also includes measures related to employment and retirement age. Hyundai Motor agreed to hire 500 new technical workers, or production workers, from the second half of next year through 2028, and, if the relevant laws are revised, to implement an extension of the retirement age without expanding the peak wage system.
Legal disputes raised during the labor dispute have been resolved.
The company decided to withdraw its damages claim against the union and also decided to withdraw the provisional seizure against the union.
Hyundai Motor's labor and management began wage negotiations with a first meeting on May 6. The two sides then drew up a tentative agreement on the 25th of last month.
With the agreement approved in the union member vote, this year's wage negotiations have been finalized.
Source: TECHWORLD · Kim Seung-gi
Original: https://www.epnc.co.kr/news/articleView.html?idxno=406329
References
This article was produced with the help of an automated content generation algorithm.
Source: TECHWORLD
View originalThis article was summarized and organized by BizCrush based on the original article from TECHWORLD. For exact quotations and full details, please refer to the original article.