Hyundai Motor’s labor and management agreed to a non-dispute agreement on wages and collective bargaining this year.
Hyundai Motor’s labor and management announced on the 20th that they had reached an interim agreement at the 17th round of negotiations held at the main building of the Ulsan plant. It is the third year in a row that Hyundai Motors labor and management have prepared a temporary agreement without a strike.
The provisional agreement includes a basic salary increase of 75,000 won (including salary increase), bonus of 200% + 3.5 million won, incentives of 2.3 million won, 5 shares of stock, 200,000 points (equivalent to 200,000 won), and a traditional market gift certificate of 100,000 won to revitalize the local economy payment, etc. Retirement extensions and reinstatement of laid-off workers were not accepted.
In this negotiation, labor and management signed a ‘future special agreement on response to industrial transformation’, which includes preparing for the future such as new industries and maintaining employment, centering on domestic factories and research institutes.
The union did not strike for two years in a row due to the Korea-Japan trade dispute in 2019 and the aftermath of COVID-19 last year. It seems that labor and management have considered the situation this year as well as the aftermath of Corona 19 continues and the problem of supply and demand for semiconductors overlapped.
This tentative agreement must be approved by union members next week to finalize this year’s collective bargaining agreement with Hyundai Motor Company.