Hyundai Motor's management and union have concluded this year's wage and collective bargaining talks.
Hyundai Motor said on the 16th that the Metal Workers' Union's Hyundai Motor chapter held a vote of all 42,479 members on this year's tentative wage and collective agreement, and the proposal passed with 52.9% approval among 36,208 voters.
This year's agreement includes a 100,000 won increase in the monthly base salary (including step increases), performance bonuses of 450% plus 15.8 million won, 30 shares of stock, and 200,000 won in traditional market gift certificates.
It also includes a plan to include holiday support pay, summer vacation pay, and research efficiency enhancement allowances in ordinary wages used as the basis for calculating various allowances, as well as training software specialists at domestic plants and pursuing production of core parts for next-generation powertrains.
However, on the union's demand to extend the retirement age, the two sides agreed to continue consultations while maintaining the current reemployment system (1+1 years of employment after mandatory retirement).
Hyundai Motor said, "Based on this passage, management and labor will work together to overcome the challenges facing Korea's auto industry and strive even harder to produce the highest-quality vehicles."