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Hyundai Motor Union Votes for Tentative Wage Deal with Management

Written: 2022-07-20 08:27:59Updated: 2022-07-20 11:17:14

Hyundai Motor Union Votes for Tentative Wage Deal with Management

Photo : YONHAP News

The unionized workers of Hyundai Motor have voted in favor of a tentative wage agreement reached earlier between management and labor, enabling the automaker to operate without a strike for the fourth consecutive year.

The labor union of the nation’s largest carmaker said on Tuesday that 39-thousand-125 employees, or 84-point-three percent of the union’s members, cast a ballot earlier in the day and 61-point-nine percent of them voted in favor of the provisional salary deal.

Under the deal reached eight days earlier, the basic monthly wage will rise by 108-thousand won, and a performance-based bonus comprising 300 percent of the basic monthly salary and five-point-five million won will be paid to laborers, along with other new benefits.

The deal also contains an agreement to build an assembly factory for electric vehicles in Ulsan by 2025, which will be the automaker’s first domestic factory constructed since 1996.

The deal marks the first four-year streak of wage agreements between the automaker’s militant labor union and management reached without a strike.

Trade conflicts between South Korea and Japan as well as COVID-19 were assessed to have drawn concessions from the union between 2019 and last year, while Russia’s ongoing war on Ukraine and the global shortage of semiconductor contributed to this year’s deal.

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