South Korea’s leading automaker Hyundai Motor Company and its 51,000-member trade union pounded out an agreement on an increase of 45,000 won ($40) in basic monthly pay for this year without the negotiation leading to a strike, the company said Friday.
It is the first time in eight years for the automaker to reach an agreement between labor and management before the summer holiday season.
Some 63 percent of 42,046 workers who cast a ballot in a vote held Thursday agreed to accept this year’s wage offer by the company, it said in a statement.
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Representatives of Hyundai Motor Company's management and labor shake hands after agreeing on a wage deal for this year in Ulsan, North Gyeongsang Province on Friday. (Yonhap) |
In addition to the 45,000 won increase in basic monthly pay, the union members will accept a performance-based bonus equivalent to 2 1/2 months of salary and 3 million won in cash payments.
During the wage talks that ended on July 20, the automaker’s union held two rounds of partial strikes on July 1 and July 12, which marked the smallest scale since 2011.
Labor and management also agreed on a two-shift working system, in which day- and night-duty workers each work for eight hours a day with no overtime work, to start Jan. 7, 2019, the statement said.
By Song Su-hyun (
song@heraldcorp.com)
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