Seoul: Unionized workers of Hyundai Motor Co. have voted in favor of a strike plan as wage negotiations remain at an impasse, potentially leading to a walkout for the second consecutive year. In the recent vote, an overwhelming 86.65 percent of the union's 39,668 members endorsed the strike plan, with 94.15 percent of the union members participating in the ballot.
According to Yonhap News Agency, the union now holds the right to legally initiate a walkout if the state labor relations committee opts to suspend mediation between the union and management. The committee's decision on whether to halt mediation is anticipated on Thursday.
Both parties have engaged in 11 rounds of wage discussions since May without reaching a consensus on the union's demands. The union is seeking a monthly base pay increase of 149,600 won (US$96.70) per worker, alongside 30 percent of Hyundai's previous year's net profit as performance-based pay. Additionally, they are requesting an increase in bonuses from 750 percent to 800 percent, an extension of the retirement age to a maximum of 65, and enhanced job security in light of advancements in robotics technology.
Management has reportedly resisted these demands, citing a 19.5 percent decline in the company's operating profit last year, which stood at 11.46 trillion won. Last year, the union engaged in partial strikes for the first time in seven years before eventually reaching an agreement.