Hyundai Motor, union reach tentative wage agreement

Hyundai Motor and its union reached a tentative wage agreement featuring a 100,000 won ($72) monthly base-pay increase, bonuses and 500 planned hires.

News Team
Published
The labor union of Hyundai Motor, left, and the company go through wage negotiations at the company's Ulsan plant in Buk District, Ulsan on May 6.

Hyundai Motor and its labor union have reached a tentative agreement on this year's wage negotiations, including a 100,000 won ($72) increase in monthly base pay.

The two sides reached the tentative agreement during their 17th round of negotiations at the automaker's Ulsan plant in Buk District, Ulsan, they said Tuesday. The negotiations progressed for two days, beginning Monday.

Under the agreement, workers would receive a 400 percent performance bonus plus 12.7 million won, 15 shares of company stock and 500,000 won in welfare points. The company also agreed to hire 500 new production workers between next year and 2028.

Related Article

All union members will vote on the agreement on Monday. If approved, it will conclude this year's wage and collective bargaining process.

The union staged a total of 60 hours of strikes during this year's negotiations.


BY KIM JI-HYE [[email protected]]

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.

strike industry bonus business collective bargaining hyundai motor wage social affairs negotiations labor union

Read more

See more articles