Hyundai Motor Co and its South Korean workers' union have reach...
) and its South Korean workers’ union have reached a tentative wage deal and averted strike action for the first time in eight years, sending the automaker’s shares up by more than 4%.
Hyundai’s unionized workers in South Korea have staged strikes in all but four years since the union was created in 1987. But the union has faced growing public and media criticism for walking out of wage talks despite workers’ relatively high pay and at a time of economic slowdown.The deal is subject to approval from union members in a vote on Monday.
Hyundai and the union reached their deal “to survive in the future” amid the uncertain business environment and rapidly changing auto industry bent on electrification and autonomous vehicles, the carmaker said in a statement.Under the latest wage agreement, each unionized worker will receive a one-off payment of up to 9 million won , an additional payment equivalent to one and a half months’ salary, 15 Hyundai Motor shares, and a basic salary increase of 1.74%.
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