Hyundai Motor “If you don’t strike, I’ll give you stock” Labor union “The retirement age should be extended to 64”

Hyundai Motor’s labor and management are not able to reach a conclusion in negotiations on wages and collective agreements (wage agreements). In particular, the management proposed a new share of 5 shares (free shares) to the union in the name of a special agreement to secure future competitiveness, but the union insists on extending the retirement age to 64 and signing a future agreement to protect jobs during industrial transition. .

Hyundai Motor union members shout slogans at a temporary delegates meeting to resolve a dispute over this year’s wage agreement held at the Hyundai Motor Cultural Center in Buk-gu, Ulsan on the 5th. News 1

According to Hyundai Motor’s labor and management on the 18th, the management made an additional proposal through the 16th round of negotiations on wages and collective agreements (wage agreement) on the 16th. ▶ Basic salary increase by 59,000 won ▶ Management performance bonus 125% + 3.5 million won ▶ Quality improvement incentive of 2 million won ▶ 5 shares of special agreement to secure future competitiveness (free shares) ▶ 100,000 points for 2 consecutive shifts during the special week in 2021. This is a plan with a base salary of 9000 won and a partial increase in performance pay compared to the previous plan. In particular, ‘5 shares’, which was not included in the previous negotiations, was added, but the union did not accept it.

The union is demanding the signing of a future agreement and an extension of the retirement age to 64 in accordance with the industry transition from internal combustion locomotives to electric vehicles. A union official said, “Employees agreed with the novel coronavirus infection (COVID-19) crisis last year, so they froze their wages, and the company achieved a large operating profit.” .

Labor and management will continue intensive negotiations for two days until the 20th. Since the management is not in a position to accept an extension of the retirement age to the age of 64, the key is how far the union will agree to the future agreement demanded. Through the future agreement, the union is demanding the internalization of batteries and domestic production of parts related to future industries, such as UAM, mobility, and robotics, in order to protect jobs following industrial transformation. It is asking them to produce most of Hyundai’s future food at domestic factories.

The union plans to go through strike procedures if no decision is made by the 20th. In 2018, when the most recent industrial action took place, it was estimated that Hyundai Motor suffered about 70 billion won in damages every day as production was delayed by about 3,000 units per strike day.

By Moon Byung-joo, staff reporter [email protected]


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