Seoul: Hyundai Motor's union has announced that its workers will extend their partial strikes into next week as they strive for higher wages, raising concerns over potential production disruptions at South Korea's largest automaker. Hyundai workers have already engaged in partial strikes this week, with employees on both day and night shifts walking off the job for two hours from Monday through Wednesday after failing to reach a wage agreement with the company, according to a union spokesperson.
According to Yonhap News Agency, the union spokesperson stated that union members plan to stage four-hour strikes during their respective shifts from July 20 to 22. This marks the union's second round of walkouts this year. Despite 15 rounds of wage negotiations, Hyundai and the union have been unable to resolve their differences over pay.
The 39,668-member union is pushing for a 149,600-won increase in monthly base pay and performance-based pay equivalent to 30 percent of the company's net profit from the previous year. Hyundai, known for producing Sonata sedans and Palisade sport utility vehicles, reported a net profit of 10.36 trillion won last year.
In response, the company has offered an 80,000-won increase in monthly base pay, a performance bonus equivalent to 350 percent of the monthly salary plus 10 million won, and 15 shares of company stock. However, the union has deemed these terms inadequate as they continue their efforts to secure a more favorable agreement.