Hyundai Motor’s labour and administration have concluded their wage negotiations with no strike for the sixth 12 months in a row, agreeing on the very best wage enhance within the firm’s historical past.
The union stated on Saturday its members have voted to just accept a tentative wage deal reached earlier within the week.
Below the settlement, Hyundai will enhance employees’ fundamental month-to-month pay by 4.65%, or 111,200 gained (USD 81), and provides a one-off performance-based bonus equal to 500% of the fundamental month-to-month wage, plus 18 million gained, to every employee.
As well as, every worker will obtain 25 shares within the firm, stories Yonhap information company.
The corporate additionally agreed to increase the utmost interval for retired expert employees to be reemployed as contract-based employees from the present one 12 months to 2 years.
The agreed-upon wage enhance is the very best within the firm’s historical past.
With the unionised employees voting in favour of the deal, the carmaker has concluded wage bargaining with no strike since 2019.
The deal was reached simply two days forward of the union’s deliberate strike. It reportedly withdrew the strike plan after administration agreed on the highest-ever wage increase and the two-year reemployment programme for expert retired employees.
“The union and the administration will faithfully perform their social roles as members of the worldwide neighborhood and put together collectively for a greater future,” the automaker stated in a press release.
Each side will maintain a signing ceremony for this 12 months’s wage deal on Monday.
