[
THE INVESTOR]
Hyundai Motor on Aug. 19 estimated that labor unions’ strikes have caused more than 1.13 trillion won (US$1.01 billion) in damages.
The carmaker’s union on Aug. 19 staged partial strikes in protest of the company’s plans to expand the peak wage system.
The union halted production for eight hours on Aug. 19, and plans to strike again on Aug. 22 for another eight hours.
Hyundai Motor’s management and the union held their 18th round of talks in this year’s wages negotiations on Aug. 18, but failed to narrow differences.
At the meeting, the company proposed cutting the wages of employees aged 59 and 60 years old by 10 percent.
The union has been demanding the company raise the retirement age if the peak wage system is to be expanded.
The management, for its part, has stated that an agreement on the peak wage system must be reached in this year’s negotiations.
The peak wage system currently in place at Hyundai Motor freezes the wages of workers aged 59 years old, and lowers that of 60-year-old workers by 10 percent.
By Choi He-suk (
cheesuk@heraldcorp.com)
