ULSAN - Hyundai Motor Co.'s labor union has ratified a groundbreaking wage agreement, marking the sixth consecutive year the automaker has settled wage negotiations without resorting to strikes. This agreement includes the highest wage increase in Hyundai's history.
According to Yonhap News Agency, the members voted in favor of a tentative deal that was formed earlier in the week. The new contract will boost workers' basic monthly pay by 4.65 percent, equivalent to 111,200 won (US$81). It also includes a substantial one-off performance-based bonus set at 500 percent of the basic monthly salary plus an additional 18 million won, along with the distribution of 25 company shares to each employee. Furthermore, the agreement extends the reemployment period for skilled retired workers from one to two years.
The successful negotiation came just days before a planned strike, which was called off after the union and management reached consensus on the terms, including the unprecedented wage increase and the extended employment terms for retired workers. Hyundai's statement emphasized the collaborative spirit between the union and management, committing to fulfilling their social responsibilities and working together towards a promising future.
A formal signing ceremony for the 2024 wage agreement is scheduled to take place on Monday.