Hyundai Motor’s Korean union said on Tuesday it reached a tentative agreement with management, averting more production losses after its first full strike in a decade on Friday. The deal includes a 100,000 won monthly base salary increase, a performance bonus worth 400 percent of base pay, and additional cash and bonus payouts. The retirement age will be extended from 60 once a relevant law is amended, with no salary reduction for the first few years after 60. The company will hire 500 new technical workers from next year through 2028.
Members of the Korean Metal Workers’ Union under the Korean Confederation of Trade Unions stage a protest in front of Hyundai Motor headquarters in Seoul, Friday. Yonhap
Hyundai Motor's Korean union said on Tuesday it has reached a tentative agreement with management, averting further production losses after staging its first full strike in a decade on Friday, following a series of partial stoppages.
The union had demanded higher bonuses, an increase in the retirement age, and job protections against artificial intelligence and automation.
The tentative agreement includes a base salary increase of 100,000 won ($72.31) per month plus a performance bonus equivalent to 400 percent of base pay and additional payouts in cash and bonuses.
